Egypt’s joining the African Finance Corporation (AFC) will open new horizons for investment in infrastructure, communications, transport, logistics and green transition projects, a government minister announced.
Minister of Finance Mohamed Maait added that the AFC can contribute soft financing for public and private sector projects with a view to sustainable development.
Following the Council of Representatives approved Egypt’s AFC membership, Maait said: “We will continue with efforts to mobilise private and public investments to improve living standards and public services through our co-operation with our regional partners, especially amid the current global economic challenges.”
“AFC membership will help increase the nation’s green investments by 50 per cent in the state budget for fiscal year 2024-2025 by expanding smart transport and clean energy projects,” Maeet said.
“Membership of the AFC is in line with government bids to increase private sector participation in economic projects, represented in the State Ownership Document Policy and the Golden License,” Maeet added.
Deputy Minister of Finance Nevine Mansour said AFC membership would mean that government bonds can be put through the corporation on international markets a lower cost. The AFC has had a high credit rating from 2014-2022.
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