Minister of International Cooperation Rania Al-Mashat.
Egypt’s Ministry of International Cooperation announced on Monday the launch of a global digital campaign that aims to demonstrate the value of public-private partnership (PPPs) and work towards a greener economy.
The campaign has been launched under the title GameChangers, as part of the ministry’s Global Partnerships Narrative (People & Projects & Purpose), and will feature several testimonials by the private sector including entrepreneurs as well as micro, small, and medium-sized enterprises (MSMEs).
“2021 is the year of private sector engagement. We have put private sector engagement, empowerment and enablement at the fore of our principles of economic diplomacy, concluding strategic partnerships to provide a sustainable ecosystem that fosters innovation and accelerates job creation,” said Minister of International Cooperation Rania Al-Mashat.
The campaign will run across social and digital media channels, including Facebook, Instagram and Linkedin, targeting young people locally and globally.
The campaign started today with the story of the Egyptian Ministry of International Cooperation’s partnership with the Saudi Fund for Development (SFD) to finance IND for Construction and Solar Energy, one of the startup private sector companies working on the construction of Egypt’s Benban solar project.
The company has received development financing worth EGP 6.4 million through the cooperation between the international cooperation ministry and the SFD, with EFG Hermes as the financial intermediary.
The high ambitions for a greener future in Egypt are based on strong political commitment, as well as the capacity to enable a green transformation in the country.
In 2019, Egypt unveiled its Benban solar field, the world’s largest, which generates over 1500 mw of power spanning 36 square kilometres of desert on 32 plots developed by over 40 companies from 12 countries, according to the international cooperation ministry.
“Egypt is on a mission not only to think green, but also act green in all policies and projects to help preserve the environment and bring sustainable energy to the country’s population,” Al-Mashat illustrated.
Egypt’s mission towards a sustainable energy-sufficient future is outlined in the 2035 Integrated Sustainable Energy Strategy (ISES), which involves increasing the use of renewable energy and improving energy efficiency in the power sector.
Accordingly, the government has set targets for renewables to make up a share of 42 percent of the country’s electricity by 2035.
The partnership between the international cooperation ministry and the SFD has financed more than 2,180 projects in various sectors and contributed to creating about 12,000 new jobs in 27 governorates.
A grant worth EGP 225 million was extended to EFG Hermes to finance existing or newly established projects operating in the fields of new and renewable energy, healthcare, industry, and agriculture with a focus on Upper Egypt and Delta governorates.
In line with Egypt's strategy towards bridging the gap between financial institutions and MSMEs, Saudi Arabia has awarded another grant, worth $200 million, dedicated to supporting MSMEs and facilitating their access to financing. The grant is entrusted to the SFD for supervision and execution, according to the ministry.
In Egypt, there are 34 projects within the ministry's portfolio answering SDG 7, which is Affordable and Clean Energy, with a total of $5.95 billion, making up 23.2 percent of the official development assistance (ODA) the country received in 2020.