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  • Tuesday, 18 April 2023

Minister of International Cooperation Holds Bilateral Meetings at the World Bank & IMF 2023 Spring Meetings

The Minister of International Cooperation discusses promotion programs for the private sector in Egypt with the IFC & MIGA.

Holding an introductory forum for the private sector to introduce the services provided by the MIGA.

Discussions with the CIF ways to support the implementation of the projects of the NWFE Program.

The Minister is discussing with CIF ways to benefit from new initiatives in the field of environmentally friendly industrial investment

The Minister of International Cooperation and Governor of Egypt at the World Bank Group H.E. Dr. Rania A. Al-Mashat, held a number of bilateral meetings with representatives of governments and international financing institutions, during the World Bank and International Monetary Fund 2023 spring meetings in Washington, where she met officials of the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the Climate Investment Funds (CIF).

Al-Mashat met with Sergio Pimenta, Vice President of the IFC for Africa, affiliated with the World Bank Group, and the two sides discussed strengthening the continuous efforts to stimulate the participation of the private sector in development and to increase the programs implemented with the Egyptian private sector to support economic growth.

International Finance Corporation

The Minister  indicated the importance of joint work with the International Finance Corporation (IFC), and the necessity of its sustainability in order to move forward in increasing private sector participation in various fields and expanding financing mechanisms and investments directed to diverse companies in Egypt, in addition to financing small and medium enterprises and efforts to socioeconomically empower women.

The meeting discussed the developments of the “green buildings project”, which is scheduled to be implemented by the IFC with the private sector in Egypt, and future cooperation projects in light of the implementation of the country platform for the NWFE Program, efforts to expand financing for small and medium enterprises, and enhance climate financing.

During the meeting, the Vice President of the IFC applauded the Government of Egypt’s efforts in enhancing the investment and business climate and in empowering the private sector, which resulted in the success of the introductory workshop organized by the IFC in Egypt recently, to introduce the private sector to the services and mechanisms it provides to support the private sector and enhance its efforts in development. He also noted the efforts to expand desalination plants and implement the national strategy for water desalination, expressing the IFC's aspiration to inject more investments into the local market for the private sector.

During the recent visit of the Vice President of the IFC to Egypt, 3 agreements were signed with the private sector in the field of climate action and financing small and medium enterprises, in addition to supporting partnership between the government and private sectors and providing technical support and consultations for the development of 4 seawater desalination plants.

It is worth noting that the cooperation portfolio with the IFC includes a number of consulting and technical support programs within public-private partnership across a variety of sectors. The cooperation portfolio amounts to $1.5 billion dollars in the market sector, finance, trade finance, agribusiness, education and health, manufacturing, retail, real estate, tourism and retail, start-ups, and other sectors.

Multilateral Investment Guarantee Agency

Al-Mashat met with Mr. Junaid Ahmed, Vice President of the Multilateral Investment Guarantee Agency (MIGA), to discuss strengthening the role played by the institution in Egypt to guarantee foreign direct investment and expanding risk insurance tools to stimulate investment in various development fields.

The Minister emphasized that the MIGA has been a major partner in supporting development efforts in Egypt since 2012, and since this period it has covered and issued guarantees for nearly $500 million in investments that were pumped into the local market, pointing to the diverse relations with Agency in various fields, especially energy, transportation and others.

The two sides agreed to organize an introductory forum for the private sector in Egypt about the services provided by the MIGA to encourage companies to expand the scope of their investments, and to present the investment opportunities available in Africa to the Egyptian private sector.

Since 2012, MIGA has insured 39 projects in the fields of industry, solid waste recycling, oil, natural gas, electric power and renewable energy.

Climate Investment Funds

Moreover, the Minister met with CEO of the Climate Investment Funds (CIF) Mafalda Duarte on the implementation of the CIF’s initiative on nature and climate, for which $500 million is allocated in the form of grants to support the implementation of projects in a number of countries, including Egypt. Many initiatives were also discussed and there are new projects that the CIF intends to launch in environmentally friendly industrial investment and reducing emissions in the industrial sectors, and ways to benefit from them.

And the Minister had announced, during the climate conference, that Egypt’s Country Platform for the NWFE Program was awarded first place at the level of countries in the North African region and the continent of Europe, in the Climate Investment Fund (CIF) initiative on nature and climate investments.

Under the theme “The Way Forward: Building Resilience and Reshaping Development,” Al-Mashat is participating in the World Bank and IMF Spring Meetings, along with the participation of central bank governors, finance ministers, development partners, senior officials from the private sector, philanthropic organizations and academic, to discuss issues of global concern.