Foreign investments

Egypt opens the door to local and foreign investment

Egypt’s strong infrastructure and supportive political will that backs the private sector has opened its doors to local and foreign investment to achieve comprehensive and sustainable development, the country’s finance minister said.

Mohamed Maait met with the CEO of the International Islamic Trade Finance Corporation (ITFC) and the Islamic Corporation for the Development of the Private Sector (ICD), Hani Sonbol, on the sidelines of the Egyptian Forum for International Cooperation and Development Finance in the new administrative capital.

The Minister asserted that Egypt is seeking to increase its efforts to diversify sources and tools of financing that would reduce the cost of development investments, especially with the current global economic crisis.

He highlighted the growing opportunities for cooperation with ICD in many projects and benefited from his experiences in issuing Egyptian green Sukuk in a way that attracts new investors, helps sustain the economy, creates opportunities employment and improves the standard of living and the services provided. for them.

The Minister explained that Egypt is studying with Japan the issuance of Samurai Green Bonds in the coming period.

Egypt successfully offered the first Samurai bonds in the Japanese market, valued at 60 billion Japanese yen, which attracted many Japanese investors.

He said that Egypt is also in joint venture with China to issue Panda bonds in the Chinese market.

Sonbol pointed out that the work of the ICD is based on its significant experience in issuing sovereign sukuk, noting that the work of the Organization has been praised by international institutions, explaining that there is an opportunity to cooperate with Egypt in this area.

“We look forward to working together to issue Sovereign Sukuk or Green Sukuk in Egypt,” Sonbol said, adding that the Organization is experienced in the water, energy and food sectors and can propose ambitious programs that support the national platform for green projects.

Later, Maait discussed with the co-chair of the high-level panel on climate finance, Vera Songwe, the establishment of a mechanism for the exchange of products between African countries, mainly wheat and fertilizers.

During their meeting, Maait and Songwe exchanged views and ideas on mechanisms to achieve food security at the continental level to optimize available resources, especially in light of the severe disruption of food chains. supply.

The Minister commended Songwe’s achievements during his tenure as Under-Secretary of the United Nations Economic Commission for Africa, wishing him every success in his new role.

Maait invited Songwe to attend the “Finance Day” and adopt African visions to facilitate development funds that support green transformation and contribute to the fight against climate change.