The meeting took place on the sidelines of the 2025 Annual
Meetings of the WB Group and the International Monetary Fund in Washington,
D.C. Discussions focused on joint efforts between the government and the IFC to
empower the private sector and expand innovative financing mechanisms for local
and foreign companies.
Both sides discussed regional and global economic
developments. The talks came in light of the historic peace agreement signed by
Egypt, the United States, Qatar, and Türkiye in Sharm El-Sheikh. The cessation
of hostilities in Gaza has enhanced regional stability and had a positive
impact on the Egyptian economy. The meeting also addressed Egypt’s efforts to
rebuild the Gaza Strip in coordination with the international community.
Dr. Al-Mashat highlighted the pivotal role of the IFC in
supporting the private sector. She noted that the corporation provides
concessional financing and investment to local and foreign companies in Egypt.
Egypt is one of the IFC’s largest countries of operation, with a private sector
investment portfolio exceeding nine billion dollars.
The Minister explained that this cooperation aligns with the
state’s efforts to empower the private sector and encourage domestic and
foreign investment. The goal is to drive inclusive and sustainable growth and
create more employment opportunities.
The meeting reviewed ongoing efforts to offer government
airports for partnership with the private sector. This is part of the agreement
previously signed between the government and the IFC. The program aims to
attract private investment to modernize and expand airports without adding
pressure on the state budget.
Al-Mashat also referred to the European Union’s 1.8 billion
euro guarantee mechanism, which was activated during the Egypt–Europe
Investment Conference in 2024. She said the mechanism provides a significant
boost to private sector investment. She stressed the importance of coordinating
with the IFC to benefit from this mechanism and increase financing available to
private companies.
The Minister reviewed Egypt’s National Narrative for
Economic Development. The initiative seeks to align Egypt’s Vision 2030 with
the government’s program in response to regional and global changes. It aims to
sustain the path of economic reform and focus on high-productivity sectors with
strong export potential.
She added that empowering the private sector and redefining
the state’s role in the economy are key pillars of Egypt’s new economic model.
The government is committed to creating an attractive investment climate that
enables local and foreign investors to lead development through clear and
transparent policies.
The meeting also discussed various aspects of the
partnership with the IFC. The discussions covered the corporation’s contribution
to seawater desalination projects, the implementation of the State Ownership
Policy Document, and financing for private sector companies operating in Egypt.