Rania El-Mashat at the the G20 Compact with Africa (CwA) summit.
Al-Mashat attended the investment summit, aimed at attracting more German companies to markets on the continent.
German Chancellor Olaf Schultz and French President Emmanuel Macron were present along with African leaders from Côte d’Ivoire, Nigeria, Senegal, Kenya, and Morocco.
Al-Mashat asserted that the private sector drives growth, creates jobs, and boosts competitiveness, adding that the government is committed to boosting the investment climate and attracting foreign funds.
The government enhances private sector participation in development through partnerships in renewable energy, water, and food security projects, the minister highlighted.
Al-Mashat noted that the Egyptian private sector has obtained $9.7 billion in soft loans since 2020, in addition to technical support from multiple development partners.
She then mentioned Egypt’s efforts in green transformation through programs such as the Nexus for Water, Food, and Energy (NWFE).
In June, the Egyptian government updated its Nationally Determined Contributions (NDC), which included setting more ambitious greenhouse gas (GHG) emissions reduction targets and securing the needed finances.
The Compact with Africa stems from an initiative introduced by Germany during its leadership of the G20. Its objective is to make African countries more appealing for foreign private investment.
In this year's installment, Germany committed to investing €4 billion ($4.37 billion) in African green energy projects up to 2030, according to the Associated Press.
Chancellor Olaf Scholz emphasized the importance of African countries benefiting more from their abundant natural resources.