Egypt’s FinMin says private sector key to closing development finance gap

Egypt’s Finance Minister Ahmed Kouchouk said on Tuesday that engaging the private sector is the most effective way to close the gap between the country’s current financial resources and its development goals.

Speaking at the Africa Grows Green Climate Finance Forum in Cairo, Minister Kouchouk said there are promising opportunities for private investment in Egypt’s green transition, according to a government statement.

He said Egypt aims to attract both domestic and foreign investment in new and renewable energy projects through 2030, with plans to localise production inputs and offer additional incentives to create an integrated green investment environment.

The government is working to position Egypt as a regional manufacturing and export hub for Africa, Minister Kouchouk said, adding that converting debt into investment and integrating climate goals into financial planning are key priorities.

He said the upcoming budget includes higher funding for green projects and sufficient allocations for investment incentives. The government is also reviewing financing tools to make them more responsive to private sector needs, he added.

Minister Kouchouk also highlighted Egypt’s efforts to assess and manage financial and climate-related risks through annual studies, stressing the importance of timing and proactive financial planning.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser