Cumulative volume of US investments in Egypt reached $24bn in FY2021/22: PM

Nehal Samir
6 Min Read

Prime Minister Mostafa Madbouly said that the US’ cumulative investments in Egypt rose to $24bn in the field of energy, petrochemicals, infrastructure, tourism, agriculture and industry in FY2021/22, adding that in FY2020/21 alone, the US invested $9bn in Egypt.

He added that the US is a major strategic partner for Egypt and that the Egyptian government is always seeking to strengthen bilateral relations and cooperation between Cairo and Washington.

Furthermore, Madbouly indicated that the Egyptian economy is expected to achieve a growth of 4.5% in the next FY despite the coronavirus pandemic and the recent outbreak of the Russian-Ukrainian war.

He pointed out that the government’s goal in the current period is to allow the private sector to fully participate in economic projects.

His remarks came during a press conference organised by AmCham Egypt on Monday in partnership with the US Chamber of Commerce, Egypt-US Business Council, which are hosting the ‘GreenTech Business Mission to Egypt.’

As Egypt prepares to host the UN Conference of Parties to Climate Change (COP 27) in Sharm El-Sheikh this November, both organisations are leveraging their strong track record of convening US business leaders with key government stakeholders to lead this delegation, which comprises more than 40 US companies represented by more than 90 senior executives.

Leading the mission for the US government is David Thorne — Senior Adviser to the Office of the US Special Presidential Envoy for Climate — and Jake Levine — Chief Climate Officer at the US International Development Finance Corporation (DFC).

The delegation comprises senior representation from leading US government financing agencies and other organisations, including the Export Import Bank of the United States (Ex-Im Bank), United States Agency for International Development (USAID), and the United States Trade and Development Agency (USTDA).

This is in addition to senior US government representatives from the Departments of State, Commerce, and Energy; and senior representatives from US companies, from multinationals to SMEs, across a wide array of sector focuses, including but not limited to agriculture, aviation, construction, digital, energy, finance, healthcare, transportation, and water resources management.

“We are in Cairo today to strengthen the close partnership between the United States and Egypt in confronting the global climate crisis, especially as Egypt prepares to host the COP 27 in Sharm El-Sheikh,” said Thorne.

“We are united both in recognising the great urgency of addressing this crisis and in understanding that climate solutions represent a tremendous economic opportunity — an opportunity to put our economies on truly sustainable pathways,” he added.

“We made a lot of progress in Glasgow; the IEA concluded that if all the commitments made in Glasgow are implemented, we should limit warming to 1.8C° by the end of the century. We must meet our commitments and do more… The challenge this year is to urgently implement the commitments we’ve already undertaken while mobilising the additional ambition needed to keep the promise of 1.5C° alive. We call this ‘Implementation Plus.’”

He added that the US is a committed partner in strengthening Egypt’s domestic climate effort, the climate capacity of Africa, and ensuring the success of the COP 27.

He concluded that the companies participating in this GreenTech Business Delegation are here because they understand the opportunities presented by the climate crisis and because they are looking for opportunities here in Egypt to apply their investment know-how to deliver green growth and climate solutions.

For her part, US Charge d’Affairs Nicole Shampaine stressed the strength of the strategic partnership between Egypt and US, adding that over the years, the US has provided Egypt with over $80bn in assistance, $50bn of which were military assistance and $30bn were economic assistance.

She also pointed out that the US Embassy in Cairo supports Egypt’s efforts in its transition to a green economy and clean energy sources.

Furthermore, Marty Durbin — Senior Vice President of Policy and President of the Global Energy institute — said that the COP 27 is a critical milestone that will help build on the progress of the COP 26.

“So, we’re very fortunate to have Egypt hosting this year’s conference, as it demonstrates its leadership in both the energy transition and energy security for the country, the region, the continent, and the world,” he added.

“The US Chamber of Commerce will have a big presence on the settlement chart. We’re very pleased and looking forward to helping organise the business community working with our partners and the US government and to being a principal partner of the Egyptian government to help ensure a successful conference.”

“The business community is ready to be a partner, and we’re prepared to make that progress,” he added, stressing that Egypt plays an important role in the energy field.

For his part Hisham Fahmy — CEO of AmCham Egypt INC.— said that there are many changes that have occurred in the past years at the level of the economy and the private sector, and that the American Chamber of Commerce has worked closely with the business community and the Egyptian government in order to enhance the role of the private sector.

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