Egypt, AIIB collaborate to empower private sector

The Egyptian Ministry of Finance held a two-day workshop in Cairo to empower the private sector, the Egyptian Cabinet announced on Sunday.

The workshop was held in collaboration with the Multilateral Cooperation Centre for Development Finance of the Asian Infrastructure Investment Bank (AIIB), the Egyptian Federation of Contractors, and other international development banks.

The workshop was attended by over 120 contracting companies, members of the Contractors Union, and representatives from international development banks such as AIIB, the African Development Bank (AFDB), the World Bank (WB), the International Finance Corporation (IFC), the Islamic Development Bank (ISDB), the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), and the French Development Agency (AFD).

The workshop, titled “Financing Opportunities and Business Policies in the MENA Region,” aimed to prepare Egyptian contractors and private companies to secure funding from these banks by familiarising them with project financing systems, bidding processes, and contracting mechanisms.

This initiative aligns with the state’s commitment to providing facilitated financing from international development partners to Egypt’s private sector.

This move is expected to provide the necessary liquidity to drive private investment flows into Egypt’s developmental and economic activities, said Finance Minister Mohammed Maait.

Atter Hannoura, Head of the Public-Private Partnership (P.P.P.) Central Unit at the Ministry of Finance, emphasised the focus on expanding the scope of Egyptian private sector participation in providing services and P.P.P. projects both within and outside Egypt.