Egypt lines up construction giants for Southern Nile Basin development programme
Egypt is preparing to deploy a $100 million financing mechanism for infrastructure and development projects across Southern Nile Basin countries, aiming to deepen regional economic ties while creating new opportunities for Egyptian construction and engineering companies operating across Africa.
Water Resources and Irrigation Minister Hany Swailem met executives from some of Egypt’s largest contractors and infrastructure firms on Tuesday to discuss implementation plans for the initiative, which will finance development studies and projects in Nile Basin countries.
The fund, developed jointly by the ministries of water resources and foreign affairs and backed by the government, is expected to channel financing into projects aimed at improving resource management, infrastructure, and local development across the basin.
Among the companies participating in the discussions were Arab Contractors, Hassan Allam, Elsewedy Electric, Orascom, Wady El Nil Contracting and Real Estate Investments Co., and the Egyptian African for Development Projects (EADP), reflecting the central role Egyptian firms are expected to play in executing projects financed through the mechanism.
Swailem said the mechanism would finance priority projects designed to deliver economic and social benefits to local communities while supporting sustainable development objectives.
The government is also examining investment-oriented projects that could attract private capital and expand the footprint of Egyptian companies across Africa, according to the minister.
Egyptian engineering and construction firms have increasingly pursued opportunities outside their domestic market in recent years, participating in major infrastructure projects across Africa and the Gulf as competition intensifies at home and governments across the continent increase spending on transportation, water, and energy projects.
The Nile Basin initiative forms part of Egypt’s broader strategy to strengthen economic cooperation with neighbouring countries and leverage the expertise of its state-backed and private-sector companies to secure a larger role in regional development projects.
Attribution: Amwal Al Ghad English