Rania Al-Mashat, Minister of International Cooperation and Governor of Egypt at the World Bank Group, held a number of bilateral meetings with representatives of governments and international financing institutions, during the spring meetings of the World Bank Group and the International Monetary Fund in Washington.
She met Sergio Pimenta, Vice President of the International Finance Corporation (IFC) for Africa, affiliated with the World Bank Group, and the two sides discussed strengthening the ongoing efforts between the two sides to stimulate the participation of the private sector in development and increase the programs implemented with the Egyptian private sector to support economic growth and raise employment rates.
The Minister of International Cooperation indicated the importance of joint work with the International Finance Corporation, and the necessity of its sustainability in order to move forward in opening horizons for private sector participation in various fields and expanding financing mechanisms and investments directed to companies of all kinds in Egypt, in addition to financing small and medium projects and efforts to empower women economically and socially.
The meeting discussed the developments of the green building project, which is scheduled to be implemented by the International Finance Corporation with the private sector in Egypt, and future cooperation projects in light of the implementation of the national platform for green projects, the NWFE program, and efforts to expand financing for small and medium enterprises and enhance climate financing.
During the meeting, the Vice President of the International Finance Corporation praised the efforts of the Egyptian state to enhance the investment and business climate and empower the private sector, which resulted in the success of the introductory workshop organized by the International Finance Corporation in Egypt recently, to introduce the private sector to the services and mechanisms it provides to support the private sector and enhance its efforts in development. He also praised the efforts to expand desalination plants and implement the national water desalination strategy, expressing the IFC’s aspiration to inject more investments into the local market for the private sector.
During the recent visit of the Vice-President of the International Finance Corporation to Egypt, 3 agreements were signed with the private sector in the field of climate action and financing small and medium projects, in addition to supporting partnership between the government and private sectors and providing technical support and consultations for the development of 4 seawater desalination plants.
It is worth noting that the cooperation portfolio with the International Finance Corporation includes a number of consulting and technical support programs in the sectors of partnership between the public and private sectors, corporate economic governance, equal opportunities between the sexes, the absorbent sector, manufacturing and services, while the value of the investment portfolio amounts to $1.5bn in finance, trade finance, agribusiness, education and health, manufacturing, retail, real estate, tourism and retail, start-ups, and other sectors.
In a related context, Rania Al-Mashat met with Junaid Ahmed, Vice President of the International Investment Guarantee Agency (MIGA), to discuss strengthening the role played by the Corporation in Egypt to guarantee foreign direct investment and expanding risk insurance tools to stimulate investment in various development fields.
The Minister of International Cooperation confirmed that the International Investment Guarantee Agency has been a major partner in supporting development efforts in Egypt since 2012, and since this period it has covered and issued guarantees for nearly $500m in investments that were pumped into the local market, pointing to the diverse relations with the agency in various fields, especially energy, transportation and others.
The two sides agreed to organize an introductory forum for the private sector in Egypt about the services provided by the International Investment Guarantee Agency to private sector companies, to encourage companies to expand the scope of their investments and present the investment opportunities available in Africa to the Egyptian private sector.
Since 2012, MIGA has insured 39 projects in the fields of industry, solid waste recycling, oil, natural gas, electric power and renewable energy.
On the other hand, the Minister of International Cooperation discussed with Malvalda Doherty, President of the Climate Investment Funds Corporation (CIF), the implementation of the Foundation’s initiative on nature and climate, for which $500m is allocated in the form of grants to support the implementation of projects in a number of countries, including Egypt. Launching them in the field of environmentally friendly industrial investment and reducing emissions in the industrial sectors, and ways to benefit from them.
During the climate conference, the Minister of International Cooperation announced that the Egyptian file for the “NWFE” programme won first place at the level of countries in the North African region and the continent of Europe, in the Climate Investment Fund (CIF) initiative on nature and climate investments.