Minister of International Cooperation Rania Al-Mashat met with Ayman Soliman — CEO of the Egypt Sovereign Fund (TSFE) — to discuss ways to enhance cooperation within the framework of the role played by the ministry to support relations between national agencies and multilateral and bilateral development partners to support the development vision.
During the meeting, the two parties discussed opportunities for cooperation with development partners, and Soliman reviewed the TSFE’s activities and future work plan in light of the state’s vision to empower the private sector.
Furthermore, Al-Mashat reviewed the role played by her ministry in strengthening economic relations with multilateral and bilateral development partners and regional and international organisations to support the national development vision as per the UN’s 2030 sustainable development goals (SDGs).
She pointed out that the ongoing portfolio of development cooperation amounts to $26bn and includes 372 projects, adding that a good portion of it is directed towards the private sector, whether in the form of investments, credit lines to commercial banks, in addition to technical support and grants directed to capacity building and the preparation of studies.
The minister also talked about structuring the governance of development finances and drafting projects by the relevant ministries, then entering into the negotiation stage and presenting them to the concerned authorities, stressing that the decision to obtain development financing is not unique to any party in the country but is subject to a clear institutional and governance process.
Additionally, she discussed the possibility of organising a cooperation platform to explain the role played by the TSFE to attract local and foreign private investments, stimulate investment opportunities in state-owned assets, and maximise their value in a manner that increases the base of private sector participation in the Egyptian economy.
In a similar vein, she referred to the coordination cooperation platform that was launched by her ministry in 2020 that aims to create integration between the efforts of development partners through interaction with various national authorities, present the role played by each sector, and outline the development opportunities available to create constructive partnerships between the two sides.
Al-Mashat explained that platform also aims to promote structural and economic reforms with the aim of achieving comprehensive and sustainable economic growth to keep development partners constantly informed of the country’s reforms.
For his part, Soliman said that the TSFE is open to partnerships that enhance the state’s orientation towards increasing the participation of the private sector in development efforts, especially after the launch of the state ownership policies document.
He also pointed out that the platform for cooperation with development partners will represent an opportunity to present the work model of the TSFE and its objectives and discuss opportunities for partnerships and joint work with international institutions.
Furthermore, Soliman stressed that increasing the base of private sector participation in development efforts is a priority for the Egyptian state, which the TSFE is already working on by stimulating partnerships with all parties and institutions, maximising the return on state-owned assets.