Egypt’s Minister of International Cooperation Rania Al-Mashat has said that Egypt is keen to enhance private sector participation in development efforts in various sectors.
Minister Al-Mashat also said that her ministry is working to push forward in this particular direction, through international partnerships with multilateral and bilateral development partners.
This is set to take place by securing development funds for state sectors, as well as private sector, and small- and medium-sized enterprises (SMEs). the
In an interview with Reuters, Minister Al-Mashat said that in 2020, her ministry secured development funds worth $9.8bn from multilateral and bilateral development partners. Of this amount, $3.2bn, equivalent to about 30%, was dedicated to the private sector.
The minister added that 2021 would be the year to focus on a greater role for the private sector, through development financing, especially with regards to green projects that promote sustainable growth.
While there was a decrease in development funds being offered, alongside an increase in requirements from countries due to the global challenges, Egypt continued on its path to reform. The country has clear standards that govern procedures for concluding development financing agreements, Minister Al-Mashat added.
She said that Egypt’s homegrown economic reform programme, initiated in 2016 as part of its agreement with the International Monetary Fund (IMF), has contributed to strengthening the country’s economy.
It has also helped Egypt withstand the shock caused by the novel coronavirus (COVID-19) pandemic. The government has also been able to continue moving forward with the help of structural reforms, enhanced private sector participation, economic growth, and increased job opportunities.