Egypt’s Parliament approves $131m AfDB deal to boost private sector developme

Egypt’s House of Representatives approved on Monday a $131 million agreement with the African Development Bank (AFDB) to support the first phase of the Private Sector Development and Economic Diversification Programme.

Minister of Planning and International Cooperation Rania Al-Mashat emphasised the programme’s focus on enhancing the investment climate, increasing private sector participation, and advancing Egypt’s green transition.

The initiative includes reforms such as introducing new investment incentives, regulating industrial facilities, and designating 26,000 square kilometres for renewable energy projects.

This programme is a key component of Egypt’s Vision 2030 strategy and its structural reform agenda, aimed at bolstering economic resilience and fostering sustainable development.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser