Latest news with #HAFIZ
See - Sada Elbalad
10-07-2025
- Business
- See - Sada Elbalad
Egypt Signs $100 Million Sustainability-Linked Deal with EBRD, Banque Misr
H-Tayea Egypt's Ministry of Planning, Economic Development and International Cooperation announced a landmark agreement between the European Bank for Reconstruction and Development (EBRD) and Banque Misr, marking Egypt's first-ever $100 million sustainability-linked financing agreement. The agreement was signed by Hisham Okasha, CEO of Banque Misr, and Francis Malige, Managing Director and Head of Financial Institutions Business Group at the EBRD, in the presence of Minister Dr. Rania A. Al-Mashat, Egypt's Governor at the EBRD. Senior executives from both institutions, including Mark Davis, EBRD Managing Director for the Southern and Eastern Mediterranean region, also attended the signing. Minister Al-Mashat highlighted Egypt's commitment to expanding innovative financing tools for the private sector in collaboration with international partners. She emphasized that this deal aligns with Egypt's broader strategy to mobilize resources for green projects and private sector-led growth, positioning sustainable financing as a driver for national development. Since 2020, Egypt has secured over $15.6 billion in development financing for the private sector, with more than 40% channeled to financial institutions. Al-Mashat also noted the importance of the Ministry's partnership with the Federation of Egyptian Banks, including the newly launched "HAFIZ" platform, which connects banks with enterprises seeking financing and advisory services. She praised the EBRD for its strong role in supporting Egypt's financial sector, noting that more than 28% of the EBRD's portfolio in Egypt is directed toward financial institutions. She also commended the Central Bank of Egypt and the Financial Regulatory Authority for fostering an enabling regulatory environment and encouraging innovative financial products. Al-Mashat described the EBRD as a model of how international institutions can foster private sector engagement to accelerate climate and sustainable development goals, with more than 80% of its global financial portfolio supporting the financial sector. She also pointed to Egypt's "NWFE" platform—now recognized as a global example of integrated financing for sustainable development, as cited in recent international forums—as a mechanism that could benefit other developing economies. Turning to the broader economic outlook, Minister Al-Mashat reported that Egypt's economy grew by 4.7% in the third quarter of the fiscal year, exceeding expectations. She cited positive indicators in tourism, industrial production, and private investment, noting that private sector investments now account for over 60% of total investment—boosting job creation and economic resilience. The signing comes following a cooperation protocol between the Ministry and the Federation of Egyptian Banks to enhance partnerships between the banking sector and international development partners, particularly to support small and medium-sized enterprises (SMEs). read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
See - Sada Elbalad
16-06-2025
- Business
- See - Sada Elbalad
Egypt Signs $2 Billion in Strategic Agreements to Advance Private Sector Growth
H-Tayea Egypt has announced the signing of six major agreements with international development partners, private sector companies, and business associations to accelerate its green energy transition and foster private sector-led economic growth. The deals were unveiled during the 'Development Finance to Foster Private Sector-Led Growth & Jobs' conference, hosted by the Ministry of Planning, Economic Development, and International Cooperation under the patronage of Prime Minister Mostafa Madbouly. Among the most significant agreements is a $600 million financial close for the Obelisk Solar Power Plant, a 1 GW project that includes Egypt's first utility-scale battery energy storage system. Developed by the Norwegian company Scatec, the project is supported by a consortium of international financiers including the European Bank for Reconstruction and Development (EBRD), British International Investment (BII), and the African Development Bank (AfDB). A separate $1 billion power purchase agreement was signed for the 900 MW Shadwan Wind Power project, also led by Scatec, to be constructed in Ras Shukeir in the Gulf of Suez. Egypt is also breaking ground in battery storage, with the International Finance Corporation (IFC) partnering with AMEA Power to finance the country's first utility-scale energy storage component within the Abydos Solar Power Plant. These clean energy initiatives fall under Egypt's NWFE ('Nexus of Water, Food and Energy') program and support the country's commitment to achieving 42% renewable energy by 2030. In parallel, Egypt signed cooperation agreements with 12 key business organizations—including chambers of commerce, industry federations, and bilateral business councils—to expand access to the HAFIZ platform. Launched by the Ministry in 2023, HAFIZ serves as a digital gateway offering over 90 financing and advisory services from 44 international development partners. The platform has attracted nearly 18,000 private sector users to date and has emerged as a cornerstone of Egypt's efforts to mobilize economic diplomacy and development finance for enterprises of all sizes. In another milestone, the European Investment Bank (EIB) signed a €21 million investment grant to support the Green Sustainable Industry (GSI) project in Egypt. The project will finance initiatives in pollution reduction, energy efficiency, and industrial decarbonization in both public and private sectors. It complements a broader €271 million funding package signed at the 2024 Egyptian-European Investment Conference and includes support from the EU and the French Development Agency. Minister Dr. Rania Al-Mashat emphasized that these agreements reflect Egypt's strong international partnerships and its strategic vision to align development financing with national priorities. The conference brought together top officials from government ministries, global financial institutions, and business leaders, underscoring a unified commitment to sustainable, inclusive economic transformation. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand
Egypt Today
15-04-2025
- Business
- Egypt Today
Egypt aims to attract $60 billion in FDI by 2030: Al-Mashat
Minister Rania Al-Mashat at Focus Africa 2025 CAIRO - 15 April 2025: Egypt's Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, emphasized the country's strategic vision to leverage private sector leadership and continental cooperation to boost sustainable growth. Speaking at the opening of the Focus Africa Trade and Investment Forum (FATIF) in Cairo, Al-Mashat announced that by 2030, Egypt aims to attract $60 billion in foreign direct investment and increase its annual exports to $145 billion. The minister cited the country's strategic location, industrial base, and ongoing reforms as key enablers. She noted that private investments now make up 63 percent of total investments in Egypt, reflecting the growing confidence of investors in the country's economic climate. At the heart of Egypt's strategy is deep alignment with continental frameworks, including Agenda 2063 and the AfCFTA, which represents a $3.1 trillion market of 1.4 billion people. Despite this potential, intra-African trade still accounts for only 15% of the continent's total trade—an issue the Minister said must be addressed through infrastructure development, digital trade solutions, and regional collaboration. As for Africa, Al-Mashat stated that the continent stands at a pivotal moment. 'With a market of 1.4 billion people and a combined GDP of over $3.1 trillion, the African Continental Free Trade Area—the largest free trade area globally—presents unprecedented opportunities. However, intra-African trade currently accounts for only 15 percent of total African trade,'she said. The Minister also unveiled the Hub for Advisory, Finance & Investment for Enterprises (HAFIZ)—a digital platform designed to support small and medium-sized enterprises (SMEs) by consolidating access to over 90 financial and advisory services, capacity-building tools, and tender opportunities from development partners, including Afreximbank. 'HAFIZ is about empowering businesses with the tools they need to grow and integrate into African value chains,' she said, adding that the platform bridges critical information and accessibility gaps holding back SME growth across the continent. Al-Mashat praised Afreximbank's continued role in financing trade, industrial development, and private sector growth across Africa, including in Egypt, where the Bank has backed several high-impact projects. She also highlighted Egypt's broader development strategy, which includes the 2050 National Climate Change Strategy, the NWFE platform (Nexus of Water, Food, and Energy), and the localization of Vision 2030—all designed to align national priorities with global and continental sustainability goals. Calling for stronger South–South cooperation, the Minister urged African nations to collaborate through joint ventures, knowledge exchange, and infrastructure development, noting that the private sector generates over 90% of jobs in Africa and contributes 70% to GDP. 'Africa's growth lies in industrialization, innovation, and integration,' she concluded. 'Let us seize this moment to build bold partnerships and shape a self-reliant, prosperous continent.' Held from April 15–16, FATIF brings together policymakers, diplomats, and private sector leaders from across Africa to explore investment opportunities, strengthen regional value chains, and unlock the full potential of the AfCFTA.
Zawya
13-03-2025
- Business
- Zawya
Private sector now 63% of Egyptian investment, Al-Mashat says
Egypt - Private sector investment now accounts for 63% of total investment in Egypt, Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat has said. Al-Mashat made the announcement during a meeting with the British Egyptian Business Association (BEBA), highlighting the shift as a key indicator of Egypt's economic progress. Speaking at BEBA's annual Sohour ceremony, she emphasized the government's aim to transition towards an economic growth model based on manufacturing, exports, and tradable sectors. Al-Mashat also emphasized that the diversity of the Egyptian economy presents significant opportunities to enhance Egypt's regional position, particularly in the energy and logistics sectors. 'We aim to shift towards an economic growth model based on manufacturing, export, and tradable sectors,' Al-Mashat said. 'Integration among Economic Group Ministries [is key] to adopt policies that enhance the confidence of the business community and the private sector and stimulate investments.' The minister pointed to the government's efforts to consolidate macroeconomic stability through clear policies, including the implementation of Egypt's National Structural Reform Programme. She also noted the IMF's approval of the fourth review of Egypt's program and the decrease in inflation rates as factors boosting investor confidence. She added that 45.3% of government investments in the upcoming fiscal year's plan are directed towards human development, compared to 42% in the current fiscal year, with 35% for industrial development and 19% for local development. Regarding financing for development, Al-Mashat said that blended financing to stimulate private sector investments amounted to about $4.2bn during 2024, while the total concessional development financing from development partners to the private sector in Egypt from 2020 to 2024 amounted to about $14.5bn. Al-Mashat emphasized that the ministry is working to attract more development financing to the private sector through the 'HAFIZ' platform. The meeting also covered developments related to the implementation of the country platform for the 'NWFE' program and the volume of investments attracted by the platform in the renewable energy sector. Preparations are underway for the launch of Egypt's Integrated National Financing Strategy for development and the ministry's annual report for 2024. Al-Mashat underscored the strong trade and investment partnership between Egypt and the United Kingdom, with trade exchange reaching approximately £4.7bn last year. She noted the UK is one of the largest investors in Egypt through various private sector companies, and highlighted the British International Investment (BII), which has an investment portfolio of approximately £547m in 64 companies in Egypt. The event was attended by British Ambassador to Egypt Gareth Bayley, BEBA Chairperson Khaled Nosseir, former Minister of Petroleum Tarek El Molla, former Minister of Tourism Hisham Zaazou, and representatives of the business community and financial institutions. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. ( Daily News Egypt
Daily News Egypt
12-03-2025
- Business
- Daily News Egypt
Private sector now 63% of Egyptian investment, Al-Mashat says
Private sector investment now accounts for 63% of total investment in Egypt, Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat has said. Al-Mashat made the announcement during a meeting with the British Egyptian Business Association (BEBA), highlighting the shift as a key indicator of Egypt's economic progress. Speaking at BEBA's annual Sohour ceremony, she emphasized the government's aim to transition towards an economic growth model based on manufacturing, exports, and tradable sectors. Al-Mashat also emphasized that the diversity of the Egyptian economy presents significant opportunities to enhance Egypt's regional position, particularly in the energy and logistics sectors. 'We aim to shift towards an economic growth model based on manufacturing, export, and tradable sectors,' Al-Mashat said. 'Integration among Economic Group Ministries [is key] to adopt policies that enhance the confidence of the business community and the private sector and stimulate investments.' The minister pointed to the government's efforts to consolidate macroeconomic stability through clear policies, including the implementation of Egypt's National Structural Reform Programme. She also noted the IMF's approval of the fourth review of Egypt's program and the decrease in inflation rates as factors boosting investor confidence. She added that 45.3% of government investments in the upcoming fiscal year's plan are directed towards human development, compared to 42% in the current fiscal year, with 35% for industrial development and 19% for local development. Regarding financing for development, Al-Mashat said that blended financing to stimulate private sector investments amounted to about $4.2bn during 2024, while the total concessional development financing from development partners to the private sector in Egypt from 2020 to 2024 amounted to about $14.5bn. Al-Mashat emphasized that the ministry is working to attract more development financing to the private sector through the 'HAFIZ' platform. The meeting also covered developments related to the implementation of the country platform for the 'NWFE' program and the volume of investments attracted by the platform in the renewable energy sector. Preparations are underway for the launch of Egypt's Integrated National Financing Strategy for development and the ministry's annual report for 2024. Al-Mashat underscored the strong trade and investment partnership between Egypt and the United Kingdom, with trade exchange reaching approximately £4.7bn last year. She noted the UK is one of the largest investors in Egypt through various private sector companies, and highlighted the British International Investment (BII), which has an investment portfolio of approximately £547m in 64 companies in Egypt. The event was attended by British Ambassador to Egypt Gareth Bayley, BEBA Chairperson Khaled Nosseir, former Minister of Petroleum Tarek El Molla, former Minister of Tourism Hisham Zaazou, and representatives of the business community and financial institutions.
