The Minister of International Cooperation, H.E. Dr. Rania A. Al-Mashat held a virtual meeting with officials from the Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group (WBG), within the framework of discussions with multilateral and bilateral development partners to strengthen private sector engagement in development projects. As discussions centered around proposed areas of cooperation, MIGA is a key partner in Egypt’s development efforts aimed at achieving economic recovery and sustainable growth. The meeting was attended by a number of high-level officials, including Mr. Merza Hassan, Executive Director of the WBG; Mr. Ragui El-Etreby, Alternate Executive Director at the WBG for Egypt and Arab Countries; Mr. S. Vijay Iyer, Vice President and COO at the MIGA; and Mr. Sarvesh Suri, the Director for Operations at the MIGA. Al-Mashat stated that providing investment guarantees to private sector companies across sectors such as communications, electricity, renewable energy and transportation, will aid in expanding the scope of participation of private sector companies in the national development efforts. The Minister added that the Government of Egypt is committed to transform towards a green economy. The Integrated Sustainable Energy Strategy 2035 is a live example of how the government is adamant to source for new energy sources; the strategy has increased the electricity surplus and explored the use of hydrogen to generate electricity. Pushing towards a green reform, the Government of Egypt issued $750 million in green bonds, the region’s first sovereign offering of climate-friendly securities. These strides towards a sustainable business ecosystem represent important measures taken by Egypt in promoting green investments and in strengthening cooperation with MIGA. Al-Mashat also presented the efforts made by the Ministry in hosting multi-stakeholder platform meetings through which they bring together multilateral and bilateral development partners and relevant government entities to catalyze on the private sector engagement in the sustainable development framework. Al-Mashat mentioned a possible cooperation between MIGA and the Federation of Egyptian Chambers of Commerce to stabilize the economic environment and draw more capital investments in Egypt’s Development vision. H.E. Al-Mashat also discussed the possibility of strengthening cooperation through partnership with the private sector at the Ministry of Finance; this is in light of the many successful projects, particularly the 6th of October City Dry Port project. MIGA officials affirmed their commitment to support vital development sectors in Egypt, including energy and transportation, and to build on successful partnerships, especially Aswan’s Benban Solar Park project. They also looked forward to the possibility of expanding their partnerships in the field of wastewater management in Egypt. As MIGA expressed its interest in exploring the three aforementioned sectors; transportation, electricity and public-private partnerships, they had also provided coverage for an influx of foreign direct investments (FDI) into Egypt worth $500 million in many sectors, including extractives and infrastructure, over the past years. MIGA was established in 1988 as a member of the WBG to encourage the flow of FDI into emerging economies to support economic growth, reduce poverty, and improve living conditions. Launched by the Ministry of International Cooperation, the 2020 annual report, titled “International Partnerships for Sustainable Development: Writing the Future in a Changing Global Dynamic” reviews the efforts and allocation of development financing in cooperation with multilateral and bilateral development partners. In 2020, the Ministry secured $9.8 billion in development financing, of which $6.7 billion was secured for financing sovereign projects and $3.19 billion was secured in support of the private sector.