In a statement on Wednesday, the Egyptian Cabinet expressed its eagerness to strengthen collaboration with Asian partners, aiming to attract more investments. The country, boasting a diverse economy with promising growth prospects and competitive advantages, seeks to leverage these attributes to foster increased economic engagement.
Dr. Maait, the minister, advocated for robust multilateral partnerships supported by flexible financial policies. He underscored the escalating global challenges and geopolitical tensions that exert a significant impact on the pursuit of sustainable economic growth across all economies, including developed, middle-income, and low-income nations.
Addressing the prevailing uncertainty in global economic developments, Dr. Maait noted that many developing and middle-income economies are contending with adverse conditions leading to elevated financing costs. He emphasized the need for international institutions to consider the developmental and social priorities of developing countries, providing more attractive financing opportunities for sustainable sectors to facilitate a transition to a green economy.
Expressing optimism, the minister highlighted the importance of finding alternative financing solutions amidst global fluctuations. He stressed that sustainable financing stands as a potent solution in these challenging times, enabling flexible, inclusive, and fair economic growth.
Dr. Maait revealed the government’s active pursuit of diversifying funding sources by tapping into the Asian financial market to reduce financing costs. As part of this strategy, Egypt issued the first green sovereign bonds in the Middle East and North Africa, valued at $750 million. Additionally, the country became the first in the region to issue sustainable Panda bonds in the Chinese financial market, raising around 3.5 billion Chinese yuan (approximately $500 million) for project financing.
Highlighting the government’s commitment, the minister stated that Egypt is working to expand its green, sustainable, and blue financing. The goal is to fund large-scale, sustainable projects in key sectors such as transportation, health, education, agriculture, food, and other socially impactful areas.
