Cairo: Rania Al-Mashat, Egypt's Minister of Planning, Economic Development, and International Cooperation, revealed that the country's private sector has secured $2.8 billion in concessional funding this year from development partners, bringing the total funding since 2020 to around $17 billion.
According to State Information Service Egypt, in a meeting with the Senate Foreign Relations Committee, Al-Mashat noted that banks and financial institutions are the largest recipients of these funds, accounting for 41.4 percent of the total, through credit lines that are subsequently re-lent to the private sector.
She emphasized the diverse nature of this funding, which supports key sectors such as tourism, healthcare, manufacturing, transportation, and logistics. Al-Mashat also mentioned that further collaboration and funding for the private sector are expected in the near future, especially with the launch of the European Investment Guarantee Mechanism and other financial tools.
Al-Mashat highlighted that through the National Platform of the NWFE program, Egypt has mobilized about $5 billion in concessional funds for both local and international private sectors to develop renewable energy projects and enhance investments in the national electricity grid. These projects play a crucial role in advancing Egypt's renewable energy capabilities.
She pointed out that the NWFE platform has significantly boosted Egypt's role in international climate action, making it a model for other countries looking to replicate Egypt's approach. The high-level independent experts' report released during the COP30 climate conference recognized the platform as the first national multi-sectoral platform that directly integrates investment planning across critical sectors.
During the meeting, Al-Mashat also outlined the Ministry's vision to enhance economic diplomacy and development planning, focusing on sustainable development and fostering growth. She explained that the Ministry is dedicated to managing public investments as well as securing external financing from both multilateral and bilateral development partners.
Furthermore, she stated that Egypt's economy has entered a transformative phase in 2024, underpinned by a clear national strategy aimed at stabilizing the macroeconomy and boosting its resilience to economic shocks. Al-Mashat emphasized that this transformation has been particularly evident since March 2024, with accelerated reforms, efforts to attract foreign direct investment, and comprehensive structural changes designed to drive inclusive growth led by the private sector.