30% of Development Cooperation Portfolio Directed to Private Sector: Al-Mashat

30 percent of the development cooperation portfolio is directed to the private sector with an aim to expand constructive partnerships to provide soft development funds for private sector companies,”The Minister of International Cooperation Rania A. Al-Mashat stated.

Al-Mashat elaborated that one of the outcomes of the economic conference organized by the government last year was the launch of a private sector unit in the Ministry of International Cooperation, in light of the vital role played by international partnerships to enhance the role of the private sector, which acquires 30 percent of the concessional development funds within the portfolio and that the ministry is looking forward to more joint work through workshops and discussions with the private sector to launch programs that are more compatible and more effective with the private sector in Egypt.

She emphasized the vital role played by the Ministry through the framework of international cooperation and development financing, to advance comprehensive development efforts and create close ties between the relevant parties, and her aspiration for more joint work with multilateral and bilateral development partners to support the country's efforts for enhancing food security and stimulating comprehensive and sustainable development, pointing out that the ministry is cooperating with private sector groups in Egypt to strengthen international partnerships and promote efforts through south-south cooperation.

Al-Mashat stressed the decisive role of the private sector in facing the challenges of sustainable development, by contributing to economic growth, job creation, employment, facing poverty and maintaining food security, as well as the primary role in mitigation efforts and adaptation to the effects of climate changes, and the promotion of environmental sustainability.

She noted that the Government of Egypt is keen on the strong participation of the private sector in meeting development needs, especially in the field of food security and creating sustainable, comprehensive and resilient food systems to improve the living conditions of citizens, by contributing to production, manufacturing and agricultural investments, pointing out that it is consistent with In these efforts.

In light of this, the Ministry of International Cooperation launched the country platform for the Nexus for Water, Food and Energy, the NWFE Program, within which 9 vital projects are being implemented in the fields of mitigation and adaptation to the repercussions of climate change.

Al-Mashat said that the program represents a platform to involve a large number of development partners, representatives of the private sector and relevant parties, to mobilize concessional development funds that stimulate climate action, and provide a regional and international approach to build upon in line with national goals as well as the UN goals for sustainable development, through mechanisms Innovative financing to shift from climate pledges to action on the ground Indeed, under the umbrella of Egypt’s National Climate Change Strategy (NCCS) 2050.

This came during Al-Mashat’s speech within the activities of the second annual conference of the Chamber of Food Industries, under the title "Sustainability and Increasing Investment in the Food Industries", which is held in the presence of heads of government agencies, experts, specialists and those concerned with the food industries sector from both the public and private sectors.