Egypt seeks Asian investment opportunities – minister

Egypt was keen to enhance its co-operation with Asian partners to attract more investments as the country enjoys diverse economy, promising growth opportunities, and competitive advantages, the Egyptian Cabinet stated on Wednesday.

Dr.Maait advocated for multilateral partnerships underpinned by adaptable financial policies, underscoring the escalating global challenges and geopolitical tensions that significantly impact the pursuit of sustainable economic growth across all economies: developed, middle-income, and low-income. 

He also highlighted the growing uncertainty around global economic developments and noted that many developing and middle-income economies are grappling with adverse developments that lead to higher financing costs. 

The minister emphasised that international institutions need to consider the developmental and social priorities of developing countries, offering more enticing financing opportunities for sustainable sectors to facilitate a green economy transition. 

He expressed optimism about finding softer alternatives that can better meet financing needs amidst global fluctuations, stressing that sustainable financing is a potent solution in these challenging times to achieve flexible, inclusive, and fair economic growth. 

The minister further stated that the government was actively seeking to diversify its funding sources by tapping into the Asian financial market to reduce financing costs. 

To that effect, the country has issued the first green sovereign bonds in the Middle East and North Africa, valued at 750 million dollars, the minister said. 

It also became the first country in the region to issue sustainable Panda bonds in the Chinese financial market, raising about 3.5 billion Chinese yuan (around 500 million dollars) for project financing. 

The government is working to broaden its green, sustainable, and blue financing with the goal of funding large-scale, sustainable projects in transportation, health, education, agriculture, food, and other socially impactful sectors., he added.

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