PHOTO
Arab Finance: Minister of Industry Khaled Hashem and Stephan Gimbert, World Bank Regional Director for Egypt, Yemen, and Djibouti, discussed enhancing cooperation to sustain industrial development, according to a statement.
The two sides addressed the latest developments regarding financial inclusion programs and projects implemented by the World Bank Group and the International Finance Corporation (IFC).
The initiative aims to finance micro, small, and medium-sized enterprises (MSMEs), expand technical assistance programs for factories to cut carbon emissions, and support pharmaceutical manufacturers in Africa.
Hashem noted that the strategy focuses on prioritizing five to seven key industries to restore Egypt's position on the global industrial map.
He addressed the World Bank Group’s role in establishing a robust mechanism or program for managing data and information related to the industrial sector.
This would allow decision-makers to provide comprehensive data on land allocation, competition, policies in Egypt, economic conditions, labor, energy consumption, and the technologies used.
Efforts are also underway to accelerate the transition to a green economy within the industrial sector and reduce energy consumption through operational efficiency, in line with the Carbon Border Adjustment Mechanism (CBAM) framework.
Meanwhile, the government is currently establishing a new, sustainable financing mechanism by launching industrial investment funds, in a step to reinforce the financial sector's ability to direct investment towards promising industrial projects and increase their production capacity.
The plan seeks to provide new and innovative investment vehicles and channels that allow citizens to diversify their investment portfolios and achieve rewarding returns, contributing to the sustainable growth of the Egyptian economy.
He indicated that the ministry seeks the IFC’s support in this regard to develop the required policies for these funds.
