Ahmed Rostom, Minister of Planning and Economic Development, held a high-level meeting with senior officials from the World Bank Group and representatives of a number of international financial and development institutions to review progress and final steps towards launching the Infrastructure Financing Guarantee Facility (IFGF) in Egypt, a pioneering model for innovative financing and attracting private sector investment. The meeting was attended by representatives of international and regional institutions, including the African Development Bank, European Investment Bank, European Bank for Reconstruction and Development (EBRD), Asian Infrastructure Investment Bank (AIIB), Japan International Cooperation Agency (JICA), British development finance institution, French Development Agency (AFD), World Bank Group, International Finance Corporation (IFC), German development bank KfW, and the State Secretariat for Economic Affairs (SECO) of Switzerland. During the meeting, Rostom stressed that developing the mechanism in cooperation with the World Bank comes within the framework of presidential directives and comprehensive national efforts to advance structural economic reform. He said it aims to encourage greater private sector participation and translate the government’s partnership with the private sector into practical action. He explained that the mechanism seeks to develop innovative, long-term financing solutions in local currency and reduce investment risks, directly contributing to easing pressure on the state budget and improving the efficiency of public spending. Rostom added that the ministry is working closely with the World Bank and relevant national authorities to ensure the mechanism is activated swiftly. He noted that the focus will be on vital economic and service sectors, particularly renewable energy, water treatment and desalination plants, and modern transport projects, in line with the objectives of Egypt Vision 2030 and efforts to support economic growth and employment. The meeting witnessed significant interest from representatives of the participating international financial and development institutions, who expressed their strong interest and readiness to join the new mechanism and contribute to providing the guarantees and financing solutions needed to support its success. For its part, the World Bank team delivered a detailed presentation on the project’s implementation status, the stages involved in launching the mechanism, and the timetable for commencing actual operations. World Bank representatives also said that the mechanism reflects the growing strategic partnership with the Egyptian government, stressing the bank’s commitment to sharing international best practices and expertise to reduce financing risks, as well as providing technical and advisory support to help attract major private sector companies to invest in Egypt’s infrastructure.The post Planning minister discusses infrastructure financing guarantee mechanism with World Bank, international institutions first appeared on Dailynewsegypt.
