Dr. Rania Al-Mashat:
The outlook for the Egyptian economy is positive, and we seek further empowerment for the private sector.
The government has implemented comprehensive economic and sectoral reforms to improve the business environment.
Increased spending on technical education and training, and a list of structural reforms for entrepreneurship.
H.E. Dr. Rania Al-Mashat, Minister of Planning and Economic Development and International Cooperation, received Ms. Françoise Lombard, CEO of the French investment company Proparco, a subsidiary of the Agence Française de Développement (AFD), with the participation of Ms. Clémence Vidal de la Blache, AFD Country Director for Egypt, and a number of company officials in Egypt to discuss strengthening joint cooperation avenues to empower the private sector through financing and investment services.
At the beginning of the meeting, Dr. Rania Al-Mashat emphasized the depth of Egyptian-French relations and the long-term partnership between the Egyptian and French governments, which has been fundamental in promoting economic growth and improving development across various sectors. She noted the recent renewal of the Technical and Financial Cooperation Agreement with the French side, worth €4 billion, which was signed with the French Ambassador recently to enhance the economic partnership between the two sides.
The Minister of Planning, Economic Development and International Cooperation highlighted Egypt's commitment to creating a more competitive investment environment and improving the business climate to attract foreign investments and stimulate French corporate investments to drive economic growth and sustainable development. She referred to the close relations between the two friendly countries, which is reflected in opening up innovative financing prospects for the private sector and boosting investments.
Dr. Al-Mashat reiterated that the green transition is a high priority for the Egyptian government, given its importance in attracting investments in renewable energy and sustainable green industries. She mentioned that the "NWFE" platform has achieved success by attracting significant investments in renewable energy and has inspired countries like Türkiye, Bangladesh, and Brazil to launch similar platforms. Furthermore, the High-Level Independent Expert Group Report issued during the Climate Conference in Brazil confirmed the platform's importance as an innovative multi-sectoral national platform. She reaffirmed the significant support from the French side and Team Europe in providing financing and technical assistance for the platform.
Minister Al-Mashat outlined the Ministry's efforts in attracting soft financing and investments for the private sector, which have exceeded $15 billion, in addition to the importance of the "HAFIZ" platform in fostering the Egyptian private sector's utilization of services provided by development partners.
In the same context, she referred to the government's interest in increasing spending on technical education and vocational training, as well as preparing a large package of structural reforms that incentivize entrepreneurship through the Startup Charter.
Dr. Al-Mashat spoke about the positive outlook for the Egyptian economy resulting from the monetary, fiscal, and structural reforms implemented since March 2024, which was reflected in achieving a growth exceeding 4.4% by the end of the last fiscal year.
She also noted the government's work on preparing the Business Readiness Report in cooperation with the World Bank and implementing further reforms to improve the investment climate, provide an attractive investment environment, and remove obstacles facing investors to ensure the private sector becomes the main partner in implementing development plans.
Dr. Al-Mashat also highlighted the Ministry of Planning, Economic Development and International Cooperation's launch of “Egypt’s Narrative for Economic Development: Reforms for Growth, Jobs & Resilience”, which represents a comprehensive roadmap that unifies the government's work program with the goals of Vision 2030 and sectoral strategies, stimulates the transition to more productive sectors with greater access to export markets, empowers the private sector, and redefines the state's role in economic activity.
Minister Al-Mashat stressed the Egyptian government's commitment to expanding partnership opportunities between the public and private sectors, especially in areas that drive sustainable growth, including the green transition, transport, health, and education. She explained that the government aims to create a dynamic environment where international partners and the private sector can contribute to Egypt's development vision while benefiting from the country's expanding market and attractive investment environment.
For her part, the CEO of the French investment company Proparco reviewed the solutions the company offers to provide financing and support for companies and financial institutions in Africa and many countries worldwide. She highlighted the company’s work on interventions aimed at enhancing the private sector's contribution to achieving the Sustainable Development Goals, whether through guarantees, investments, technical support, or concessional financing.