Economy news today .. $ 4.7 billion financing to private sector development partners

Today, Saturday 23-20, the Egyptian economy news varied, especially the assertion by Dr. Rania Al-Mashat, Minister of International Cooperation, that the private sector has received funding from development partners of about $ 4.7 over the past two years. billion.

International cooperation: $ 4.7 billion in development funds for the private sector of development partners

Dr. Rania Al-Mashat, Minister of International Cooperation, met with Rita Joe Lewis, President of the US Export Import Bank, during her participation in the activities of the World Bank Group’s Spring Meetings and the International Monetary Fund in Washington, with the participation of Dr. . Mohamed Maaait, Minister of Finance, and the meeting were attended by Moataz Zahran, Ambassador of Egypt to the United States of America.

The meeting witnessed a discussion of joint cooperation between the Egyptian government and the Bank, and the role it plays in strengthening trade and investment relations between the Arab Republic of Egypt and the United States, where the Bank projects for the private sector with more than $ 5 billion during the period 2009-2019, emphasizing that the Bank can play a strong role in financing the private sector and motivate it to participate in more projects in response to the economic and structural reforms implemented by the state to open up prospects for participation in the private sector in development and mega-projects implemented in various sectors .

The meeting discussed the ongoing discussions with development partners on behalf of the Government on behalf of the Government on behalf of the government to promote innovative financing, stimulate risk reduction instruments, encourage participation in the private sector in development in general, and climate action efforts. in particular, pointing out that the private sector has raised $ 4.7 billion in development funding from multilateral and bilateral development partners over the past two years..

The Minister of Communications: The volume of investment in start-ups will grow from $ 190 – 491 million during 2021

Dr. Amr Talaat, Minister of Communications and Information Technology, met more than 69 young entrepreneurs and founders of start-ups working in the fields of information and communication technology, as part of the “Startups Day” activities run by the Center for Technological Innovation and Entrepreneurship “Tech” of the Information Technology Industry Development Authority “ITIDA.” At the Digital Egypt Creativity Center at Sultan Hussein Kamel Palace, where the event coincides with the celebration of the International Day of Creativity and Innovation.

The meeting dealt with an overview of the success stories achieved by entrepreneurs, the emphasis on the challenges they face, and the key mechanisms needed to overcome them, as well as the discussion of the most prominent proposals to the sector of emerging technology companies and innovation-based entrepreneurship..

And in his word; Dr. Amr Talaat explained that this meeting comes within the framework of multiple meetings aimed at communicating with promising companies and entrepreneurs, especially that this meeting brings together 60 companies that have succeeded in attracting investments worth $ 240 million in the past year ; Review of the efforts of the Ministry of Communications and Information Technology and its affiliates to support technological innovation and build digital capabilities.

Finance: Egypt has become more attractive for investment with promising development opportunities

Dr. Finance Minister Mohamed Maaait emphasized that Egypt has become more attractive for investment with promising development opportunities, based on a supportive and strong infrastructure, which has become more capable of absorbing the expansion of investment activity as we spend $ 400 billion on it has. its development over the past seven years, and explains that the economic recovery plan One of the consequences of the current global crisis includes a package of measures that stimulate foreign and local investment, especially the private sector, and that there is a new document for state ownership policy . , which is seen as a national strategy aimed at maximizing private sector participation in economic activity; It represents a “message of reassurance” for local investors and an element that attracts foreign investment and increases the confidence of international institutions..

In his meeting with representatives of the American Export-Import Bank, in the presence of dr. Rania Al-Mashat, Minister of International Cooperation, and Ahmed Kjok, Deputy Minister of Finance, on the sidelines of the Spring Meetings of the International Monetary Fund and the World Bank, the minister said the US Export-Import Bank could play a crucial role in the promotion of economic cooperation trade between the two countries; To reach the interests of the two friendly peoples; In line with the close historical relations between Egypt and the United States of America, we note that we look forward to deepening joint cooperation in financing development projects in various sectors, as well as small and medium-sized projects, and supporting the role of the private sector in the comprehensive and sustainable development process facing Egypt, and the maximization of its contributions to economic activity. It helps to provide jobs and improve the lives of citizens.

The Minister called on representatives of the US Export-Import Bank to take advantage of investment opportunities, particularly in the sectors of energy, petrochemicals, water desalination, medicine, communications, information technology, iron and steel, and transportation, and pointed out that we are looking looking forward to the bank playing a low-cost financing role for green projects, and we look forward to a greater role for partners International financing also includes development projects, especially green projects, in Egypt. In a way that contributes to strengthening the structure of the national economy and laying the foundations for a decent life for citizens.

Managing Director of the International Monetary Fund: Egypt has achieved great success in implementing economic reform

Mohamed Maait, Minister of Finance, emphasized that the current global challenges facing the economies of several countries are due to the repercussions of the Corona pandemic, the negative effects of the Ukrainian crisis, and the simultaneous disruptions in supply. and supply chains, a sharp rise in inflation rates, and shipping costs, and then a rise in the prices of goods and services dramatically Unknown, which again reflects the importance of the economic reform program adopted by President Abdel Fattah Al-Sisi and by the great Egyptian people are supported. , as it made us more resilient in the face of internal and external shocks, and a positive and flexible agreement with these exceptional repercussions, which explains that if it were not for our success in the comprehensive implementation of the economic reform program, Met the testimony of international institutions, the situation would have been more complex and difficult in the face of the “pandemic” and the Ukrainian crisis as well..

The minister explained that the director of the International Monetary Fund in her statements praised the Egyptian government’s zeal to continue implementing structural reforms. To maintain economic and financial stability, vigorous economic growth and the strengthening of the umbrella of social protection, especially in the light of the severe pressure on the global economy, embodied in the sharp rise in oil prices and the food crisis due to the Russian Ukrainian war..

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