It was agreed a delegation from the GI Hub, in cooperation with the World Bank and European Bank for Reconstruction and Development, will be dispatched to Egypt to discuss support in infrastructure ventures.
Egypt's international cooperation minister Rania El-Mashat said the government is keen on the participation of the private sector in development projects, a statement by the ministry following a meeting held on the sidelines of the World Economic Forum in Davos, Switzerland, read.
According to the statement, El-Mashat said at a meeting hosted by the Global Infrastructure Hub (GI Hub) that the Egyptian government is currently carrying out infrastructure works and upgrades to its road networks to connect the various parts of the capital and establish new cities, mainly the New Administrative Capital, Galala City and New Alamein in partnership with the private sector.
In the past years, leading global financial institutions, including the International Monetary Fund, have stressed the necessity of the participation of the private sector in developing Egypt to spur inclusive growth.
The participants reviewed investment needs of infrastructure in developing nations, available investment opportunities and using new mechanisms of cooperation with developing countries as regards infrastructure, the ministry added.
El-Mashat met with GI Hub CEO Marie Lam-Frendo to mull cooperation. They agreed to dispatch a delegation from the GI Hub, in cooperation with the World Bank and European Bank for Reconstruction and Development, to Egypt to discuss support in infrastructure ventures, according to the statement.