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Rania Al-Mashat: The private sector plays a pivotal role in development locally and regionally


Minister of International Cooperation, Dr. Rania Al-Mashat, confirmed that Egypt is a pioneering model in terms of the size of the achievements that have been made in the field of infrastructure investment. European investment amounting to 600 million euros, the European Bank for Reconstruction and Development with 100 million euros, and the European Union with 291 million euros.

 

This came during her participation in the discussion session entitled "Supporting African-Arab Cooperation", within the activities of the Builders of Egypt Forum, which is held under the patronage of Dr. Mostafa Madbouly, Prime Minister.

 

Dr. Rania Al-Mashat added that the ministry held last week the Egypt Forum for International Cooperation and Development Finance, which witnessed the effective participation of international financial institutions, as well as the private sector, in light of the close partnership that binds the two sides to achieve sustainable development.

 

The Minister of International Cooperation stated that the private sector has close partnerships with multilateral and bilateral development partners, in light of the vital role it plays in the field of development, as it received about $3.1 billion in financing from development partners during the past year, and international financial institutions provide funds Directly through contributions to companies, or through lines of credit that are provided to various banks.

 

She said that the Egyptian private sector plays a pivotal role in development in Egypt and at the regional level, and was able, through international partnerships, to enhance its work and support development, especially in the African continent.

 

She stressed that the close interaction between Egypt and its multilateral and bilateral development partners reflects the Egyptian state's commitment to transparency and governance, as the Ministry of International Cooperation provides all details of the agreed development finances through a map of matching development finances with the sustainable development goals.

 

She pointed out that the Ministry of International Cooperation carried out a pioneering experiment, which is matching development finances with the sustainable development goals, through which it is possible to clarify how the development finances were directed to each of the sustainable development goals.

 

The Minister of International Cooperation touched on the reforms undertaken by the state in various fields, including the renewable energy sector, which witnessed unprecedented reforms and the adoption of the renewable energy tariff, which prompted the international financial institutions to provide 4 billion dollars to finance the Benban solar energy project, which is one of the largest stations in the world. the world, with the participation of institutions such as the European Bank for Reconstruction and Development and the International Finance Institutions.

 

She stated that the Ministry of International Cooperation is working to advance the continuous development efforts in the country through the principles of economic diplomacy, including the joint coordination cooperation platform, through which it brings together all development partners with the relevant sectors and ministries and the private sector to discuss the government's priorities at the development level. The platform operates in a number of sectors, including the transportation sector. These platforms contribute to creating effective and competitive discussions required between development partners to provide development finance to various sectors of the country.

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