● H.E. Dr. Al-Mashat: “We value JBIC’s effective contributions to financing the private sector under the NWFE program.”
● Private sector participation in economic activities is expanding through proactive policies and incentives.
● The government is committed to increasing Japanese investments and leveraging advanced expertise for localizing industries.
● We look forward to expanding financing mechanisms from JBIC for the private sector in Egypt.
● Green hydrogen and renewable energy represent promising sectors for JBIC investments in Egypt.
H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development & International Cooperation, held two high-level meetings during her participation in Japan’s celebration of 70 years of development cooperation with Egypt. The Minister met with H.E. Yuriko Koike, Governor of Tokyo, and H.E. Hayashi Nobumitsu, Governor of the Japan Bank for International Cooperation (JBIC), to discuss enhancing strategic partnerships, exploring new avenues for cooperation, and expanding financing mechanisms for the private sector.
Meeting with Tokyo Governor
During her meeting with H.E. Yuriko Koike, Governor of Tokyo, H.E. Dr. Al-Mashat expressed gratitude for the warm reception, meticulous organization, and collective efforts to ensure the success of the visit. She emphasized that the 70th-anniversary celebration reflects the strength and sustainability of Japan's international partnerships, built on mutual respect and a shared vision for achieving sustainable development. The occasion also underscores Egypt and Japan’s joint commitment to building a better future for upcoming generations.
Dr. Al-Mashat highlighted the Ministry’s efforts to strengthen Egypt-Japan economic relations, aligning with Egypt’s Vision 2030 priorities and Japan’s sustainable development financing. She stressed that Japanese contributions have been pivotal in key sectors, including infrastructure, education, healthcare, and renewable energy.
Meeting with JBIC Governor
In a separate meeting with H.E. Hayashi Nobumitsu, Governor of the Japan Bank for International Cooperation (JBIC), H.E. Dr. Al-Mashat discussed updates on bilateral economic cooperation and future projects, in the presence of H.E. Mohamed Abou Bakr, Egypt’s Ambassador to Japan.
H.E. Dr. Al-Mashat underscored the vital role of Japanese institutions, particularly JBIC, in financing the private sector and supporting priority projects. She noted that JBIC’s total cooperation portfolio in Egypt currently amounts to approximately $1.2 billion.
Dr. Al-Mashat applauded JBIC’s instrumental role in driving economic development through diverse financing tools, citing the bank’s support for private sector-led projects in the energy sector under Egypt’s NWFE program. Notably, JBIC contributed to financing the 500 MW Amunet wind power plant in Ras Gharib, implemented by Japan’s Sumitomo Corporation, and another 500 MW wind farm in the same region, carried out by the Red Sea Wind Energy company. These projects exemplify the government’s commitment to empowering the private sector and increasing its role in infrastructure development.
The meeting also explored priority areas for future cooperation, including industrial development, human capital advancement, and enhancing private sector participation in industrial growth. Discussions focused on supporting SMEs and fostering innovation-driven entrepreneurship in emerging fields such as information technology, artificial intelligence, and fintech.
H.E. Dr. Al-Mashat emphasized that green hydrogen and renewable energy are promising sectors for JBIC investments in Egypt. She reaffirmed the government’s dedication to increasing Japanese investments and leveraging Japan’s advanced expertise to localize industries and drive sustainable growth.