CAIRO – 1 June 2024: Egypt's Ministry of International Cooperation (MoIC) has played a significant role in Egypt's development agenda, propelling the nation forward in recent years. Let's explore some remarkable accomplishments achieved by the MoIC during this period:
Strengthening Partnerships and Diplomacy
Through proactive engagement with esteemed international organizations such as the World Bank, IMF, African Development Bank, and UN agencies, the MoIC has successfully secured crucial funding and technical assistance for diverse development projects.
A momentous milestone was reached when the World Bank Group approved a financing package of $700 million, with $500 million from the World Bank and $200 million from other partners. This contribution is part of the World Bank's pledge to provide $6 billion over three years, bolstering Egypt's economic and structural reforms.
Egypt signed a significant agreement with the European Union, amounting to €1 billion ($1.069 billion), during the Egyptian-European Investment Conference, fostering mutual growth and cooperation.
During Minister of MoIC, Rania Al-Mashat's visit to Kenya for the annual meetings of the African Development Bank (AfDB), Egypt signed an agreement worth $131 million with the AfDB, specifically aimed at fortifying the private sector.
Driving Sustainable Development
The MoIC has played a pivotal role in attracting investments towards renewable energy projects, climate change adaptation initiatives, and the development of green infrastructure. These efforts have been instrumental in advancing Egypt's sustainable development objectives.
In October 2023, the MoIC announced Egypt's ambitious plan to implement renewable energy projects with a total capacity of 10 gigawatts, accompanied by investments amounting to $10 billion within a span of five years.
This strategic endeavor falls under the umbrella of Egypt's country platform for the Nexus of Water, Food, and Energy (NWFE).
The NWFE project aims to conserve approximately $1.2 billion annually that was previously expended on fuel for thermal power plants, contributing to a more sustainable and cost-effective energy sector.
Notable Projects
The MoIC's efforts have materialized in notable projects that have had a transformative impact on Egypt's development landscape.
The MoIC played a pivotal role in facilitating the development of the Benban Solar Park, one of the largest solar power plants globally. This achievement has significantly contributed to Egypt's renewable energy goals, paving the way for a greener and more sustainable future.
Securing funding and technical assistance, the MoIC has been instrumental in the construction of the iconic Grand Egyptian Museum, a testament to Egypt's rich cultural heritage and a beacon of national pride.
Supporting the development of the Suez Canal Economic Zone, the MoIC has played an integral role in attracting foreign investments and creating substantial employment opportunities, further propelling Egypt's economic growth.
With its unwavering commitment to transparency, sustainable development, and strategic partnerships, the MoIC has propelled Egypt to the forefront of foreign investment attraction and the realization of its development objectives.
Egypt's Ministry of International Cooperation stands as a shining example of empowerment through collaboration and has boosting Egypt's position as a global leader in driving sustainable development.
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