Friday 04 Apr
Dr. Moustafa Madbouly, Prime Minister, witnessed, Monday evening, at the Government Headquarters in the New Administrative Capital, the signing ceremony of the advisory services agreement between the Egyptian government and the International Finance Corporation (IFC), the arm of the World Bank for financing the private sector, regarding providing advisory services to expand the scope of private sector participation in the airport sectors in Egypt.
The agreement was signed by Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, Dr. Sameh El-Hefny, Minister of Civil Aviation, and Sergio Pimenta, IFC Vice President for Africa.
The Prime Minister said that the agreement is
an extension of strengthening cooperation with the International Finance
Corporation (IFC) to provide advisory services for the government proposal program.
He noted that under the agreement, the IFC will provide advisory services to
expand the scope of the private sector’s participation in the airport sector in
Egypt, stressing his keenness to support this important partnership that will
contribute to improving the services provided and the capacity of Egyptian
airports.
Dr. Madbouly emphasized that this
partnership aims to leverage the corporation's comparative advantages in
attracting local and foreign private sector investments, providing technical
support to national entities to improve the business environment, and enhancing
public-private partnerships in various development sectors.
Dr. Rania Al-Mashat, Minister of Planning and
Egypt's Governor at the World Bank Group, explained that the partnership with
the IFC in offering Egyptian airports to the private sector complements the
cooperation launched in June 2023 regarding the government's offering program.
This cooperation aims to implement the state ownership policy document and
achieve private-sector-led economic growth. The state prioritizes restoring the
role of the local and foreign private sector in leading economic development
efforts. Therefore, it is implementing a national structural reform program and
is working to expand financing mechanisms for development to attract direct foreign
investment.
Al-Mashat emphasized that the government
paved the way for these steps by enhancing macroeconomic stability, taking
measures to control public finances, implementing structural reforms that
stimulate the private sector, and creating an investment climate to encourage
local and foreign investors. This will help implement the International
Ownership Policy Document and enhance the competitiveness of the Egyptian
economy.
She pointed out that the government's move to increase partnerships with the private sector in the airport sector coincides with the strong growth in the tourism, transportation, and storage sectors in the first quarter of the current fiscal year, the increase in private sector investments to 63% of total investments, and the highest-ever rate of inbound tourism in 2024. The Grand Egyptian Museum's opening further underscores the potential for increased airport traffic and private sector participation.
