Means to help foster institutional co-operation and support economic development in partnership with the African Development Bank (AfDB) featured high on the agenda of a major meeting held in Cairo on Monday.
The meeting featured Minister of Planning and Economic Development Ahmed Rostom and Olivier Pognon, CEO of the African Legal Support Facility (ALSF).
The discussions on boosting the private sector’s in development, highlighting the expansion of public-private partnership (PPP) models in coordination with the Ministry of Finance.
The two sides also explored the development of innovative financing tools aimed at easing pressure on the state budget, while enhancing co-operation in key sectors such as renewable energy and infrastructure.
They reviewed a proposal to establish a specialised financing mechanism that combines local and international funding, with participation from development banks and financial institutions.
The mechanism would provide investment guarantees to support long-term infrastructure projects and benefit from global expertise.
Minister Rostom outlined Egypt’s experience in dealing with successive global challenges, from the Covid-19 pandemic to ongoing geopolitical tensions.
The Egyptian economy has shown resilience and flexibility, supported by proactive reform policies focused on maintaining macroeconomic stability, diversifying income sources, and encouraging private sector participation to create sustainable jobs, he noted.
Wrapping up discussions, the two sides agreed to carry on with coordination through technical discussions, aiming to turn proposed financing mechanisms into actionable programmes that support development goals in Egypt and across Africa.
