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Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Egypt Hosts First New Development Bank Seminar, Focusing on Growth and Investment


Tue 11 Jun 2024 | 10:40 PM
H-Tayea

The New Development Bank (NDB) held its inaugural seminar in Egypt, themed "Navigating New Horizons," to discuss the country's blueprint for growth and investment. High-level officials and industry leaders gathered to explore Egypt's development plans, efforts to become a regional energy hub, and the country's significant developmental potentials.

Dr. Rania Al-Mashat, Egypt's Minister of International Cooperation, highlighted the importance of "country ownership" in shaping Egypt's relationships with international institutions and development partners. She emphasized the need for transparency and effective funding strategies, stating that Egypt secured over $38 billion in developmental financing over the past four years, with $10 billion allocated to the private sector.

Dr. Al-Mashat also discussed the creation of integrated platforms for energy, climate, and water projects. These platforms aim to streamline cooperation between the government, financial institutions, development partners, and the private sector.

Dr. Mohammed Farid, Chairman of the Financial Regulatory Authority (FRA), underscored the significance of sustainable financing in achieving sustainable development goals. He detailed FRA's three-track approach: developing a market for carbon emission reduction certificates, enhancing data analysis for informed decision-making, and providing innovative financing solutions like blue and green bonds.

Dr. Farid highlighted the completed regulatory framework for carbon trading and encouraged private sector participation to benefit from this new market, aligning with global standards for reducing carbon emissions.

Mr. Hossam Heiba, Chairman of the General Authority for Investment and Free Zones (GAFI), spoke about Egypt's efforts to reform its economic and investment system. He emphasized reducing entry procedures for investors, leveraging technology and digitization, and providing attractive incentives. Heiba pointed out that supporting local investors is crucial for attracting foreign investments, with key sectors including green energy, technology, communications, and healthcare receiving significant support.

Mr. Anil Kishora, Vice President & Chief Risk Officer at NDB, praised Egypt's strategic location and its potential to become a global hub for energy, electricity, and data movement. He affirmed NDB's commitment to supporting Egypt's development plans, particularly in renewable energy, transport, and digital transformation.

Ms. Pakinam Kafafi, CEO of TAQA Arabia, highlighted the company's ongoing projects in renewable energy. She stressed TAQA Arabia's commitment to sustainable development goals through renewable energy solutions, reducing carbon emissions, and adhering to international standards. Kafafi noted that the company is exploring new projects in wind and solar energy across various governorates.

The seminar concluded with a consensus on the need for concerted efforts by governments, international development institutions, the private sector, and civil society to achieve sustainable development goals. Enhancing cooperation and coordination between all parties was deemed essential to mobilize resources and implement projects that improve citizens' living conditions.