World Bank’s MIGA committed to support Egypt’s vital sectors

The Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group (WBG), renewed its commitment to support vital development sectors in Egypt, including energy and transportation.

MIGA is keen on building on successful partnerships such as Aswan’s Benban Solar Park project.

This came during a virtual meeting held on Sunday between MIGA officials and Egypt’s Minister of International Cooperation Rania Al-Mashat to discuss strengthening partnerships with the private sector and developing the transportation and electricity sectors.

The MIGA’s officials also said that they are looking forward to the possibility of expanding their partnerships in the field of wastewater management area in Egypt.

For her part, Al-Mashat noted that providing investment guarantees to private sector companies across sectors such as communications, electricity, renewable energy, and transportation will aid in expanding the scope of participation of private sector companies in national development efforts.

She added that Egypt’s government is committed to transform towards a green economy, explaining that Egypt’s integrated sustainable energy strategy 2035 is a live example of how the government is adamant to source new energy sources.

“The strategy has increased the electricity surplus and explored the use of hydrogen to generate electricity. Pushing towards a green reform, Egypt’s government issued $750 million in green bonds, the region’s first sovereign offering of climate-friendly securities. These strides towards a sustainable business ecosystem represent important measures taken by Egypt in promoting green investments and in strengthening cooperation with MIGA,” the minister expounded.world