On Tuesday, Minister of International Cooperation Rania A. Al-Mashat revealed that the Ministry of International Cooperation’s ongoing portfolio encompasses 143 projects to finance different sectors in the infrastructure sector, with development financing that amounts to EUR 18 million.
This came during a meeting on the sidelines of the French-Egyptian Ministerial summit held by the Movement of the Enterprises of France (MEDEF) and the Egyptian-French Business Council, covering major national projects implemented in the field of infrastructure.
In a statement issued on Oct. 26, Al-Mashat said “The Ministry of International Cooperation has allocated EUR 18 billion from its ongoing portfolio to finance 143 projects to develop the infrastructure sector.”
Also in this regard, Al-Mashat revealed that the profound efforts exerted by the Government of Egypt and the political leadership during the past 5 years, succeeded in developing the country’s infrastructure and had a direct impact on enhancing people’s livelihoods and diversifying the growth and sustainability of the Egyptian economy, in addition to improving the private sector’s business environment and its engagement in development efforts.
The minister further elaborated that the Ministry of International Cooperation manages Egypt’s development cooperation portfolio, which amounts to $25 billion, and encompasses 377 projects across various sectors. This includes $18 billion directed to integrating with the Government of Egypt’s efforts in developing infrastructure, and answering to SDG 9: Industry, Innovation and Infrastructure includes 36 projects with total financing of $5.7 billion, making up 22.3% of ODA financing.
This is in addition to 34 projects within the Ministry of International Cooperation’s portfolio answering SDG 7: Affordable and Clean Energy with a total of $5.9 billion, 43 projects worth $4.9 billion on SDG 6; and 30 projects for SDG 11: Sustainable Cities and Communities, worth $1.5 billion.
Al-Mashat elaborated that the Government of Egypt continues to carry out major homegrown reforms and projects to develop infrastructure and unleash the economy’s potential, as well as to enhance its competitiveness, create job opportunities, and provide a suitable environment for the business community, investors and entrepreneurs.
Al-Mashat emphasized that the Ministry of International Cooperation is working towards implementing ambitious programs and partnerships that align with the government’s development efforts across all fields and sectors, particularly infrastructure; adding that the Ministry has bolstered the private sector’s engagement in development efforts, through providing soft development funds and technical support. She also noted that in light of Egypt’s fast-growing population that has hit 100 million, sustainable infrastructure and innovation are driving development, through creating environments that are capable of supporting business environments and improving the people’s livelihoods.
Furthermore, the minister pointed out Egypt’s keenness on effectively engaging the private sector as a key partner in achieving sustainable and inclusive development, as the government has made strides in enhancing the public-private dialogue. There are currently more than 1,000 private sector companies and nearly two million Egyptian workers working on national megaprojects that are contributing to a new chapter in Egypt’s economic progress across various sectors, including transport, housing, electricity, and petroleum. In that same vein, 31% of the development financing from bilateral and multilateral development partners in 2020, were directed to developing the private sector.
Al-Mashat also tackled Egypt’s efforts in developing sectors of renewable energy and electricity, which accordingly enhanced the private sector’s engagement in development, and contributed to consolidating international partnerships.
One notable example H.E. Al-Mashat referred to was building the world’s largest solar array at the Benban Solar Park in the Governorate of Aswan, with the participation of more than 10,000 workers and 13 private sector companies, to produce 1.6 GW. Egypt’s flagship solar park will increase Egypt’s renewable energy mix and promote private-public cooperation in heavy industries.
Moreover, Al-Mashat referred to the Egyptian-Danish Energy Partnership Program (2019-2022) agreement signed between the Ministry of International Cooperation; the Ministry of Electricity and Renewable Energy; and the Energy Agency of the Danish Ministry of Climate, Energy and Utilities, to unlock Egypt’s green transformation and invest in renewable energy.
The Minister referred to the Government of Egypt’s efforts in developing sustainable and smart infrastructure in the transport sector, through carrying out reforms and implementing projects; elaborating that in 2020 the Ministry of International Cooperation secured development financing for the transportation sector that amounted to $1.7 billion, pushing forward achieving a sustainable transportation sector. H.E. further noted that international partners support the country’s efforts across different areas of the transport sector, including the expansion of the metro lines, the development of railways, and the inauguration of dry ports.