Al-Mashat: $2.25 billion in development financing from development partners for investments in the renewable energy sector through the "NWFE" platform.

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, reviewed the Ministry's mechanisms to enhance private sector participation in development during the first press conference held by the Ministry following the merging of the Ministry of Planning, Economic Development and International Cooperation.

H.E. Minister Al-Mashat highlighted the goals of the Ministry of Planning, Economic Development, and International Cooperation in coordinating government efforts for effective private sector involvement. These goals include engaging the private sector in the planning process to understand its needs, leveraging from its expertise to develop more effective and inclusive policies, and establishing mechanisms for regular coordination between ministries to ensure policy coherence across various sectors. This approach guarantees consistency and provides a stable environment for private sector investment. The Ministry is also committed to implementing a comprehensive economic strategy that aligns with the development approach and long-term initiatives for national development, ensuring all efforts are coherent and mutually supportive.

H.E. Dr. Al-Mashat further emphasized that the Ministry will ensure that private sector initiatives are aligned with national development goals and strategies. This will be achieved through continuous and effective communication with the private sector, enhancing its integration into strategic planning and the investment plan, and fostering public-private partnerships to develop projects in line with development strategies. Additionally, the Ministry will provide training and development programs to strengthen the private sector’s capacity to contribute to the implementation of development strategies.

The Ministry will also coordinate between ministries to adopt a development model in which different policies aimed at boosting private sector participation align with broader economic objectives. This includes strengthening cooperation between ministries to support private sector involvement in achieving development goals, as well as effective monitoring and evaluation. The Ministry will assess and propose policies aimed at private sector participation and link them to national development objectives.

H.E. Dr. Al-Mashat affirmed that the Ministry is committed to enhancing evidence-based policies that encourage private sector growth and its pivotal role in development. This will be done through leveraging evidence, analyzing economic data, predictive modeling, and artificial intelligence to analyze and propose policies. Moreover, the Ministry is working on developing long-term strategic plans that align with future needs and opportunities. Within the framework of the government’s work program and the “Investing in Egyptian Human” pillar, the Ministry will focus on fostering innovation and productivity in the private sector as a key driver of economic growth, through enhancing workforce skills, promoting research and development, and encouraging private sector innovation in collaboration with academic institutions to meet private sector needs.

Regarding international partnerships, the Al-Mashat highlighted the Ministry's ongoing collaboration with international development partners to provide opportunities for market access, financial, and technical support for the private sector. This will be achieved through joint efforts to raise the efficiency of the private sector through technical assistance projects, as well as enhancing access to finance for the local private sector and investment opportunities funded by international development partners.

The Ministry is also working to identify opportunities for private sector participation in development and investment plans by encouraging and facilitating private sector involvement in investment plan projects. It is creating continuous dialogue with the private sector and presenting investment opportunities both within Egypt and through development partner-funded opportunities abroad, encouraging the international expansion of the Egyptian private sector.

The Ministry reviewed its tools for private sector engagement, including development financing for the private sector. Since 2020, development financing packages from multilateral and bilateral partners for the private sector have reached $11 billion.

H.E. Minister Al-Mashat also noted the Ministry's commitment to advancing national priorities in the energy sector and attracting private sector participation in renewable energy projects. Despite the monetary tightening adopted by the government, priority has been given to the energy and electricity sectors to address challenges and prepare the grid to accommodate new renewable energy projects. Through the "NWFE" program, private sector investments totaling $2.2 billion have been attracted for renewable energy projects. These projects will enhance grid capacity in line with the country's goal to achieve 42% renewable energy in the grid by 2030.

Regarding the Hub for Advisory, Finance & Investment for Enterprises, H.E. Dr. Al-Mashat explained that the Ministry launched this platform in December 2023, following recommendations from the Economic Conference held in October 2022. This initiative is part of the government’s efforts to leverage innovative financing alternatives available from international financial institutions and development partners to empower the private sector. The platform is a comprehensive tool that connects development partners, agencies, the government, and the business community, aiming to foster communication and collaboration among all stakeholders. The platform provides over 85 financial and technical support services from 32 development partners.