Cairo: In a continued push to attract foreign direct investment and enhance investor confidence, Egypt's Minister of Planning, Economic Development, and International Cooperation, Dr. Rania Al-Mashat, held talks with Hiroshi Matano, Executive Vice President of the Multilateral Investment Guarantee Agency (MIGA), during the World Bank and IMF Spring Meetings. The meeting, attended by Finance Minister Ahmed Kouchouk, focused on strengthening Egypt's cooperation with MIGA and maximizing the country's benefit from the World Bank Group's newly launched Unified Guarantee Platform. This initiative combines the guarantee instruments of MIGA, the International Finance Corporation (IFC), and the International Bank for Reconstruction and Development (IBRD), aiming to streamline financing and increase the impact of limited development capital in emerging markets.
According to State Information Service Egypt, discussions also covered the expansion of investment guarantees for both public and private sector projects in Egypt. These guarantees serve as vital financial tools to support economic and structural reforms while encouraging investment across various sectors, including renewable energy, sustainable transport, and infrastructure.
Dr. Al-Mashat highlighted the critical role of such guarantees in attracting long-term investments and reaffirmed Egypt's commitment to strengthening partnerships with international financial institutions, particularly in innovative financing and development guarantees. Since 2012, MIGA has covered nearly $500 million in investments in Egypt and remains committed to supporting key development sectors. The agency previously partnered with Egypt on notable projects like the Benban Solar Plant in Aswan.
To further raise awareness and build capacity around guarantee instruments, the Ministry of Planning recently co-hosted a workshop with MIGA titled "Enhancing FDI in Egypt through World Bank Group Guarantees," showcasing global case studies and strategies to leverage guarantees for project financing and cost reduction.