Egypt believes that the private sector is a partner in development. There was a need in the period between 2014-2019 to invest in the infrastructure, Minister of Planning and Economic Development Hala El-Said stressed on Thursday. This came during a press conference on Thursday with the Islamic Development Bank (IsDB) President and Group Chairperson Muhammad Al Jasser on the sidelines of IsDB 2022 Annual Meetings in Sharm El-Sheikh.
“That’s why the government had to intervene and inject investments in these areas, we invested around EGP 16 trn,” El-Said indicated.
The minister added that the second phase of Egypt’s structural reforms focus on agriculture, industry, and information technology. Another important pillar of the reforms is to boost the private sector’s economic participation.
“This year’s meetings for the first time witnessed the launch of the Private Sector Forum (PSF),” El-Said indicated.
The main objective of the PSF is to provide a unique platform to network and establish business relations and partnerships with other leading representatives and stakeholders from the business community in order to share their related experience, success stories and best practices, while jointly exploring investment and trade opportunities offered by member countries.
“The PSF will witness the signing of 13 agreements with Egypt, as well as several other agreements with Arab Countries. These include supporting Egyptian exports to Africa and boosting private sector participation,” El-Said added.
PSF will also highlight the IsDB Group activities, services and initiatives in member countries including Egypt (investment, trade, and insurance).
Also, to educate member countries on IsDB Group’s role in promoting PPP projects and promote IsDB Group’s services to the private sectors interested to invest in Egypt. The Forum will also connect business communities in member countries by arranging parallel B2B and B2G scheduled meetings.
The Government of Egypt and the IsDB Group are conscious of the challenges linked to the exceptional circumstances posed by the COVID-19 pandemic and cognizant of the safety of all delegates and participants. In this regard, a comprehensive health and safety plan has been prepared.