In this respect, Minister of Finance Ahmed Kouchouk stated that the government aims to adopt sustainable financial policies and encourage investments through various incentives, highlighting that Egypt will build sustainable financial policies to create a greater financial space for spending on health, education, and social security.

The minister explained that he would adopt a balanced economic discourse in a way that is more aware of global, regional, and local challenges and more open to international investors.

He also noted that the government is enhancing its relationship with investors to ensure investment flows and sustainable development, aiming at creating a conducive business environment characterized by preferential advantages, competitive neutrality, and simplified procedures.

Kouchouk presented Egypt’s vision for supporting the global economy growth and the transformation to a green economy, through encouraging sustainable financing and reforming the financial and tax structures.

He added that Egypt aims to deepen cooperation with G20’s emerging economies, benefiting both parties.

Kouchouk stressed that although the Egyptian economy is still affected by global and regional geopolitical tensions, it has begun to adapt to these difficulties since the government is pushing recovery efforts targeting sustainable growth by maximizing domestic production and stimulating exports.

 

Cooperation with Singapore
 

Singapore’s Second Minister for Foreign Affairs and Education Mohamad Maliki Osman praised Egypt’s efforts amid the region's unstable geopolitical conditions and expressed his aspiration to explore investment opportunities in Egypt.

Osman made his statements in a meeting with Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat, as a part of her visit to Brazil for the G20 Development Working Group (DWG) meetings.

For her part, Al-Mashat discussed possible future cooperation with Singapore, in light of bilateral relations between the two countries, and the new government’s priorities, which emphasize human development, industrial localization, and other key agenda items.

Osman highlighted Egypt’s ongoing reforms and incentives for the private sector, especially in the Suez Canal Economic Zone, and emphasized the importance of collaborating in areas of mutual priority for both nations.

Over the past four decades, both countries have signed numerous partnerships to expand in the economic, trade, investment, and cultural sectors.

Al-Mashat also highlighted the new government's program between FY2024/2025 and FY2026/2027, which includes attracting foreign and local investments through encouraging investments and enabling the private sector to lead development efforts.

 

Fair financing to face climate change
 

Al-Mashat also met with the United Nations Department of Economic and Social Affairs (UN DESA) to discuss fair financing mechanisms to enhance Egypt’s strategy to adapt to climate change.

She reviewed the strategy launched by the Ministry in May 2023 to enhance South-South and Triangular Cooperation (SSTC), which seeks to encourage joint work between countries with similar economic and social conditions to promote sustainable development and climate action.

Al-Mashat stressed the importance of achieving "climate justice" and developing innovative and effective financing solutions. She pointed out that 11 of 17 countries with the lowest greenhouse gas emissions are the most vulnerable to climate risks and are the least prepared to confront climate change.

She added that, in line with promoting climate finance, Egypt launched the Sharm El Sheikh Guidebook for Just Financing to integrate the idea of ​​justice into climate. The guidebook focuses on innovative financing models that can reduce the risks of investments in developing countries.

Al-Mashat highlighted the Egyptian government's launch of the Nexus of Water, Food, and Energy (NWFE) Program, a presidential initiative introduced at the COP27 conference.

She explained that this program is a key component of the National Strategy for Climate Change 2050, comprising nine high-priority projects. It aligns with Egypt's nationally determined contributions, aiming for renewable energy to make up 42 percent of the electricity mix by 2035.

The minister emphasized the importance of innovative approaches to tackling climate change, such as debt swaps for climate action, which help ease the debt burden on developing countries and redirect those funds towards development projects.