Egypt Opens the Door to Local and Foreign Expenditures

Egypt’s finance minister claims that the country is open to both local and foreign expenditure in order to attain sustained and inclusive growth. It is due to its advanced facilities and the government’s dedication to the private sector.

Hani Sonbol, CEO of ITFC and Islamic Corporation for the Development of the Private Sector, met with Mohamed Maait in Egypt’s New Administrative Capital. This meeting was held on the eve of the country’s Forum for International Cooperation and Development Finance (ICD).

Given the status of the global economy, the Minister said Egypt is making greater efforts than ever to diversify its funding alternatives and sources. It is happens to reduce the cost of development expenditures.

He highlighted growing prospects for collaboration with the ICD on a wide range of projects. Moreover, Egypt gained from its expertise in issuing green Sukuk to attract new expenditor. It also helps to boost the economy, create jobs, increase living standards, and enhance the quality of services provided to the public.

The Minister explained that Egypt and Japan are looking at releasing green Samurai bonds.

The first successful offering of foreign bonds on the Japanese market was Egyptian bonds worth 60 billion Japanese yen.

According to him, Egypt and China are now collaborating to issue Panda bonds on the Chinese market.

Working of ICD

Sonbol stated that the ICD’s work is based on its considerable competence in the issue of sovereign Sukuk and that the ICD’s work has been acclaimed by international organizations. He also brought up the potential of the ICD collaborating with Egypt in this field.

Sonbol elaborated that the group’s expertise extends to the water, energy, and food industries and that it can contribute to ambitious programs to support the national platform for green efforts. Sonbol: “We look forward to working together to issue sovereign Sukuk or green Sukuk in Egypt.

Afterward, Maait discussed setting up a system for trading commodities, particularly wheat and fertilizer, across African states with Vera Songwe, co-chair of the High-Level Expert Group on Climate Finance.

In light of the severe disruption in the supply chain, Maait and Songwe got together to talk about how to achieve continental food security with the resources at hand.

The Minister congratulated Songwe on her promotion to the position of Under Secretary for the United Nations Economic Commission for Africa and offered her the best of luck in her new role.

Maait asked Songwe to take part in “Finance Day” and embrace African viewpoints on the distribution of development assistance that promotes community transformation and helps in climate change mitigation.