Egypts private sector attracts $3.2bln financings from development partners in 2020: Minister

Egypt - Minister of International Cooperation Rania Al Mashat and Minister of Finance Mohamed Maait have launched a joint platform to promote the efforts carried out by the state in encouraging the role of the private sector in achieving development, according to a statement.

This is the first-of-its-kind platform to be held following the events of the Egypt International Cooperation forum "Egypt-ICF", Al-Mashat said.

The international cooperation ministry has managed to strengthen its ties with the private sector, which helped in providing the private sector with $3.2 billion financings through international partnerships in 2020, she highlighted.

These financings have been provided by the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the International Finance Corporation (IFC), the African Development Bank Group (AfDB), and the Arab Fund for Economic and Social Development (AFESD).

Moreover, the Egyptian private sector has received financings worth $1.9 billion from development partners during the first half (H1) of 2021, she remarked.

This comes in line with the meetings held by the international cooperation ministry in collaboration with multilateral and bilateral development partners to accelerate the pace of Egypt Vision 2030 and the objectives of sustainable development.