Egypt’s continual reforms to stimulate, modernize environment for private sector investment: Al-Mashat

CAIRO - 11 May 2022: Egypt is capitalizing on an innovative approach to green infrastructure investment by pushing for continual reforms that stimulate and modernize the environment for the private sector, Minister of International Cooperation, Rania A. Al-Mashat, said Wednesday.

 

This came during Al-Mashat's opening speech at the session ‘Egypt Investment Outlook’ organized by the Ministry of International Cooperation and the European Bank for Reconstruction and Development during the annual meetings of the European Bank for Reconstruction and Development 2022.

 

The hybrid session was attended by Yehia Zaki, Chairman of the General Authority for the Suez Canal Economic Zone, and Terje Pilskog, CEO of the Norwegian Renewable Energy Company Scatec, and high-level representatives of the private sector, investors and international financial institutions to spotlight the opportunities of green investment in Egypt. 

 

The session was moderated by Heike Harmgart, Regional Director for the Southern and Eastern Mediterranean at the European Bank for Reconstruction and Development.

 

The Minister added that Egypt is sparing no efforts to build up strategic foresight through developing policies and improving governance, which in return creates a predictive policy environment for private investors. The National Climate Change Strategy 2050 is a recent example of how the Government of Egypt is specifying the targets and priority sectors to help international development partners, financial institutions and the private sector be more aware of local conditions and priorities, particularly in improving water resource management, promoting smart agriculture, and raising farmers’ awareness of climate action.

 

The Minister referred to the National Water Resources Management Plan for 2037, which aims to rationalize consumption, and provide a greater role for the private sector in water treatment and desalination systems. 

 

To build strategic foresight with international development partners, the new Country Strategy for 2022-2027 was launched this year, which focuses on three priorities: promoting a more inclusive economy for Egyptian businesses, women and youth, accelerating Egypt’s green economy transition, and enhancing the country’s competitiveness by supporting private-sector growth and strengthening governance.

 

For his part, Yehia Zaki, Chairman of the General Authority for the Suez Canal Economic Zone, highlighted the investment opportunities in the region, particularly in green hydrogen, referring to the new partnership agreement with Danish shipping giant Maersk to explore the establishment of large-scale green fuel production in the country in the pursuit of net-zero shipping.

 

For his part, Terje Pilskog, CEO of the Norwegian Renewable Energy Company Scatec, noted that Scatec considers Egypt as a key partner in promoting renewable energy solutions, and commended the government's measures to create an enabling environment for the private sector to engage in renewable energy projects.