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Egypt’s development cooperation earmarks 30% of funds towards the private sector
The Minister of International Cooperation, Rania A. Al-Mashat, revealed that 30 percent of Egypt’s development cooperation portfolio is allocated to the private sector. The objective being to “foster productive partnerships and provide financial support to private companies in order to facilitate their growth," stated Al-Mashat.
Egyptian Minister of International Cooperation, Dr. Rania Al-Mashat
The Minister further explained that a private sector unit was established within the Ministry of International Cooperation, a move that recognizes the significant role played by international collaboration in enhancing the private sector’s involvement.
Currently, 30 percent of concessional development funds are dedicated to the private sector within the portfolio. Al-Mashat highlighted the crucial role of the Ministry in promoting comprehensive development efforts and fostering strong connections between relevant parties through international cooperation and development financing.
The ministry is actively collaborating with private sector groups in Egypt to strengthen international partnerships and encourage south-south cooperation and the minister expressed her desire for increased collaboration with multilateral and bilateral development partners to support the country’s initiatives in enhancing food security and promoting comprehensive and sustainable development.
Emphasising the pivotal role played by the private sector in addressing sustainable development challenges from contributing to economic growth, job creation, to poverty reduction, and ensuring food security. The minister explained the primary role that the private sector plays in climate change mitigation and adaptation efforts, as well as promoting environmental sustainability.
Al-Mashat underlined the Egyptian government’s commitment to involving the private sector in meeting development needs, particularly in the realm of food security and the establishment of sustainable, comprehensive, and resilient food systems, involving supporting production, manufacturing, and agricultural investments.
The Ministry of International Cooperation launched the NWFE Program, a country platform for the Nexus for Water, Food, and Energy which encompasses nine vital projects focused on mitigating and adapting to climate change impacts.
The Minister stated that the NWFE Program serves as a platform for engaging various development partners, private sector representatives, and relevant stakeholders to mobilize concessional development funds that stimulate climate action. It also promotes a regional and international approach aligned with national and UN sustainable development goals.
Innovative financing mechanisms are being utilized to translate climate commitments into tangible actions on the ground. This initiative is part of Egypt’s National Climate Change Strategy (NCCS) 2050.
Al-Mashat delivered these remarks during her speech at the second annual conference of the Chamber of Food Industries, titled “Sustainability and Increasing Investment in the Food Industries.” The conference was attended by heads of government agencies, experts, specialists, and stakeholders from both the public and private sectors involved in the food industry.
