The meeting brought together Hussein Eissa, Deputy Prime Minister for Economic Affairs; Mahmoud Essmat, Minister of Electricity and Renewable Energy; Ahmed Omran, Deputy Minister of Housing, Utilities and Urban Communities for Utilities Affairs; Samar El-Ahdal, Deputy Minister of Foreign Affairs for International Cooperation; alongside officials from several ministries and financial institutions.

Representatives from the World Bank Group also attended, including Yira J. Mascaro, Practice Manager for Finance, Competitiveness and Innovation for the Middle East and North Africa, Afghanistan and Pakistan, and Saad Sabra, Country Manager of the International Finance Corporation (IFC) in Egypt, in addition to representatives from government bodies and development partners.

The session was held within the framework of the strategic partnership between Egypt and the World Bank Group, and forms part of efforts to diversify financing sources for infrastructure projects, strengthen public-private partnerships (PPPs), reduce implementation costs, and provide innovative long-term financing solutions.

Deputy Prime Minister for Economic Affairs Hussein Eissa said the government’s direction towards introducing financing and guarantee mechanisms in local currency for infrastructure projects—particularly in the energy and housing sectors—would support Egypt’s broader economic reform agenda.

Eissa noted that Egypt requires additional infrastructure investments, especially in the energy sector, to support industrial development and agricultural expansion. He added that the government is seeking to channel further investments into these sectors while creating greater opportunities for private sector participation, particularly in renewable energy projects.

Mahmoud Essmat reiterated the state’s commitment to diversifying energy sources and expanding reliance on renewable energy, describing it as a priority in the coming phase in line with the objectives of Egypt Vision 2030.

Rostom stated that the meeting forms part of ongoing discussions with the World Bank Group on activating the infrastructure financing and guarantee mechanism, which he described as one of the institution’s innovative tools used in emerging markets to provide diversified, long-term financing solutions and encourage public-private cooperation.

He added that discussions are continuing with the World Bank on integrating financing structures in both local and foreign currencies, alongside implementing guarantee systems for infrastructure projects to improve financing efficiency and effectiveness.

Rostom expressed appreciation for the longstanding partnership with the World Bank Group and its continued support, noting that implementing such a mechanism in Egypt could pave the way for broader financing tools designed to reduce project risks, particularly as the country expands renewable energy investments.

For her part, Yira J. Mascaro stressed the World Bank Group’s commitment to strengthening cooperation with Egypt amid the economy’s ongoing development, underscoring the institution’s support for implementing the infrastructure financing and guarantee mechanism to advance the country’s development priorities.

Saad Sabra said the proposed mechanism represents a joint initiative between the World Bank Group and the Egyptian government and could facilitate participation from additional international financial institutions and investors, further supporting infrastructure financing efforts in Egypt.

Sabra added that the IFC’s strategic approach focuses on expanding financing and investment opportunities while increasing private sector participation to help ease pressure on public finances.

During the session, World Bank Group officials delivered a presentation outlining the objectives of the infrastructure financing guarantee mechanism and its potential role in strengthening public-private partnerships, mobilising capital in both local and foreign currencies, and enabling the implementation of additional infrastructure projects without increasing pressure on the state budget.

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Speaking at the gathering, IFC Vice President for Africa Ethiopis Tafara stated that the institution’s initial investment in Egypt was a $5m allocation to a ceramics factory outside Cairo a half-century ago. Tafara noted that this initial investment at a time when the country was opening its economy represented confidence in Egyptian entrepreneurs and has since compounded over time through reform, renewal, and persistence.

Addressing the country’s next phase of economic development, Tafara identified export competitiveness, climate-smart investments, and regional integration as key opportunities. He emphasised that current policy choices regarding the investment climate, trade, and financial development are expanding opportunity and strengthening predictability. Progress, he added, is emerging through collaboration between public leadership, private innovation, and the IFC’s full toolkit, aiming to generate jobs, resilience, and shared prosperity for future generations.

The anniversary event also served as a retirement farewell for Cheikh Oumar Sylla, the IFC division director who has operated in Egypt for the past four years. Tafara credited Sylla with deepening dialogue with governments and bridging the gap between reform ambition and real investment outcomes across his tenure.

Sylla, who joined the IFC in 2017 and previously worked in fragile states, highlighted his role in leading the asset monetisation programme in Egypt, which he termed one of the most important mandates in the corporation’s history. He attributed the programme’s scale to the institution’s willingness to put its full weight behind the country’s hard decisions.

“Egypt had the vision. IFC has the tools. And together, we built something that will outlast both of us,” Sylla said.

Acknowledging the efforts of government counterparts who kept faith through difficult situations, risk-taking private sector partners, and IFC teams globally, Sylla expressed conviction in the continent’s broader economic potential. He noted that Africa’s youth population and entrepreneurs are the real drivers of the future, adding that the necessary conditions must be prepared for them.

The event, described by Tafara as a handoff to the leaders shaping Egypt’s next chapter, was attended by public leaders, private sector representatives, and multilateral development agencies. Deputy Minister of International Cooperation Dr. Samar El-Ahdal was introduced to speak on behalf of Dr. Badr Abdelatty, Minister of Foreign Affairs and World Bank Group Governor.

Tafara concluded the proceedings by urging stakeholders to keep building with a long-term view, investing with imagination, and partnering with conviction for the next 50 years of development.

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According to IFC, these investments have spanned critical sectors including energy, agribusiness, manufacturing, healthcare, tourism, and financial markets. The focus has consistently been on strengthening private sector capacity, creating jobs, and driving inclusive economic growth.

This engagement forms part of a broader World Bank Group portfolio in Egypt, which has exceeded $40bn since 1959. Alongside IFC’s direct mobilization of private capital, the World Bank has provided policy and project financing, while MIGA has offered investment guarantees to support job-creating companies and financial institutions.

Over the years, IFC-backed projects have included landmark developments such as the Benban Solar Park in renewable energy and the Damietta Alliance Container Terminal in infrastructure. In agribusiness, companies like Wadi Group have expanded significantly with IFC support.

Financial inclusion has also advanced markedly, rising from 27% in 2016 to 76.3% in 2025. Initiatives such as ZAAT, developed with Banque Misr, have expanded access to finance for women entrepreneurs and small businesses.

To mark the anniversary, IFC signed a $40m financing agreement with Nile Sugar Company to support sugar beet cultivation in Minya. The project aims to reduce Egypt’s reliance on imports while improving financing access for smallholder farmers.

Egyptian officials and IFC representatives described the partnership as a cornerstone of development, emphasizing its role in scaling private investment and supporting job creation. Looking ahead, cooperation will continue to prioritize infrastructure, energy, agribusiness, healthcare, tourism, and manufacturing as Egypt advances its economic transformation.

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The initiative seeks to help businesses establish stronger linkages with major brands, enhance production and marketing efficiency, and expand access to local and international markets.

It will support enterprises specialising in cotton furnishings and textile manufacturing, spinning and weaving industries, ginning and spinning machinery, chemicals and dyeing, in addition to suppliers and agents dealing in cotton raw materials. Participating businesses will also receive assistance in developing operations through financial and technical support programmes.

Bassel Rahmy, CEO of MSMEDA, met Mahmoud Hassan, Chairperson of the Board of Trustees of the Egyptian Marketing Studies Foundation, to announce the agency’s sponsorship of the initiative.

Rahmy said the programme aligns with directives issued by Prime Minister Mostafa Madbouly, who also chairs MSMEDA’s board, to strengthen the capabilities of domestic small-scale industries, support export potential, and expand locally manufactured products capable of replacing imports while remaining competitive.

He noted that enterprises operating within Egypt’s cotton sector represent a promising industry that MSMEDA is keen to support, alongside sectors including furniture manufacturing in Damietta, handicrafts, heritage industries and complementary industries serving larger enterprises.

According to Rahmy, the initiative will be implemented through several pillars coordinated by MSMEDA in cooperation with relevant authorities. These include introducing businesses to export mechanisms, helping entrepreneurs understand required procedures, and supporting them in obtaining certifications needed to access international markets.

The programme will also assist enterprises in benefiting from incentives available under the MSME Development Law No. 152 of 2020 and Law No. 6 of 2025, which provides tax incentives through the Egyptian Tax Authority. In addition, efforts will focus on strengthening partnerships between larger companies and smaller enterprises.

Rahmy added that Cairo Governorate is sponsoring the initiative as part of broader cooperation with MSMEDA to support the MSME sector, in line with state efforts to increase the sector’s contribution to the national economy. He described Cairo as the country’s largest market for Egyptian products through direct sales, contracting opportunities and exports.

For his part, Mahmoud Hassan said the initiative represents a step towards restoring the global standing of Egyptian cotton products as one of the national economy’s key strategic assets, while strengthening their presence in international markets through a modern development approach.

He added that the Egyptian Marketing Studies Foundation aims to drive meaningful improvements in marketing and institutional practices while promoting Egyptian products domestically and internationally to enhance competitiveness.

Hassan also praised cooperation with MSMEDA and Cairo Governorate, describing it as an effective model for supporting entrepreneurs and small businesses in the cotton sector by helping them improve products, access new markets, increase exports and expand networking opportunities with major Egyptian brands.

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Rostom affirmed that Egypt is pursuing a comprehensive development vision aimed at promoting sustainable growth, improving the investment climate, and expanding private sector participation. He stressed that entrepreneurship remains central to government priorities, given its role in driving innovation and creating sustainable employment opportunities for youth.

The minister noted that the ministry is coordinating with relevant entities to build an integrated system that supports innovation by simplifying procedures, improving access to finance, and advancing digital transformation, steps designed to enhance Egypt’s competitiveness regionally and internationally.

On infrastructure, Rostom revealed that the government is developing an innovative financing model that combines public resources, private sector investment, and foreign capital. This mechanism, he explained, will enable major national projects to be funded more efficiently and sustainably, building on Egypt’s recent achievements in energy, transport, and urban development.

For her part, Almud Weitz reaffirmed the World Bank’s commitment to supporting Egypt’s efforts, praising the resilience of Egypt’s tourism sector amid regional challenges. She added that the Bank is conducting intensive consultations with investors and private sector stakeholders to identify opportunities and design innovative solutions that support green and sustainable tourism in Egypt.

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During the meeting, Madbouly stressed the importance of ensuring the continuous availability of essential commodities in sufficient quantities and at reasonable prices, while intensifying market oversight to prevent monopolistic practices and price manipulation. He said these measures are crucial to preserving market stability and guaranteeing adequate supplies for citizens.

Farouk outlined government preparations to secure food commodities during the holiday season, particularly meat products and basic goods. He said the Holding Company for Food Industries has supplied substantial quantities of fresh and frozen meat, including around 2,300 heads of cattle, while an additional 1,500 heads are currently being received to strengthen strategic reserves.

The minister added that approximately 669 tonnes of frozen meat have also been made available, alongside coordination with the Egyptian-Sudanese Company to supply around 6,000 slaughtered sheep, in addition to various types of lamb and veal aimed at meeting increased consumer demand during Eid.

Farouk noted that livestock markets and temporary sales outlets have been expanded across governorates to ensure sufficient availability of live sheep at competitive prices, supporting market balance and helping contain price pressures.

He further highlighted efforts to boost supplies of essential commodities through expanded Ahlan Bel Eid fairs, as well as fixed and mobile retail outlets nationwide, with discounts of up to 25% offered on selected food items and consumer products.

According to the minister, products are being distributed through 1,062 outlets affiliated with the Holding Company for Food Industries, in addition to more than 8,000 branches operating under the Carry On and Gomla retail network.

Farouk confirmed that retail outlets and wholesale branches will continue operating throughout the Eid Al-Adha holiday period. Market inspections covering bakeries, food outlets, fuel stations and LPG distribution points will also be intensified, while emergency operations rooms have been activated nationwide to address complaints and ensure rapid responses to market disruptions.

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During discussions at the Strategic Command in the New Administrative Capital, Sisi reviewed the Egyptian Endowments Authority’s plans to upgrade its real estate assets.

Minister of Endowments Usama Al-Azhary outlined ongoing efforts to create precise topographic and digital maps of the properties. The strategy includes cooperating with specialised companies and private real estate developers to introduce new investment activities and capitalise on promising commercial opportunities, according to Presidency Spokesperson Ambassador Mohammed El-Shennawy.

In the same session, Al-Sisi stressed the utmost importance of developing Historic Cairo. He ordered an inventory and the comprehensive upgrade of related buildings to the highest standards, aiming to transform the district into a global tourist and cultural destination, El-Shenawy added.

In a concurrent review of state infrastructure plans, the president instructed the Armed Forces Engineering Authority to expedite the completion of ongoing service and development projects. During a separate meeting on Saturday, Al-Sisi emphasised that completing these projects, which are being executed under cooperation protocols with various government bodies, is vital for improving public services and achieving Egypt’s sustainable development goals.

The discussions were attended by Commander-in-Chief of the Armed Forces and Minister of Defence and Military Production Lieutenant General Ashraf Salem Zaher, Presidential Advisor for Urban Planning Major General Amir Sayed Ahmed, Head of the Armed Forces Financial Affairs Authority Major General Khaled Abdullah, Head of the Armed Forces Engineering Authority Major General A.H. Walid Aref, and Assistant Chief of Staff for Engineering Projects Major General Ahmed Fouda.

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Eissa described the charter as a pioneering initiative that reflects the state’s response to the needs of a promising generation of young entrepreneurs, through incentives and facilitation measures designed to support project development and long-term sustainability.

His remarks came during his participation in the first consultative meeting to activate the Startup Charter, launched by Prime Minister Mostafa Madbouly in February as part of broader government efforts to strengthen Egypt’s entrepreneurship ecosystem, enhance the innovation environment, and enable start-ups to grow and expand.

During the event, Eissa witnessed the distribution of classification certificates to 25 innovative projects, part of a total of 61 start-ups that have officially received classification approval since the launch of the Egyptian Startup Charter in February 2026. He said the figures reflect growing interest among entrepreneurs in benefiting from the incentives and advantages offered under the initiative.

The deputy prime minister stressed that the Startup Charter represents an important strategic step aligned with the objectives of Egypt Vision 2030. He added that the charter’s executive programme demonstrates the government’s commitment to translating recommendations into tangible actions by improving the regulatory environment for start-ups, developing advanced financial literacy programmes for entrepreneurs, facilitating access to finance, supporting technology and innovation, and enhancing companies’ ability to access local, regional and international markets.

Eissa also praised the role of the Micro, Small and Medium Enterprise Development Agency (MSMEDA) in supporting start-ups, noting that under the charter, the agency is responsible for issuing classification certificates to eligible companies and providing technical training programmes to strengthen workforce capabilities in line with evolving standards.

He added that MSMEDA supports incubators and business accelerators while facilitating the participation of start-ups in exhibitions and industry events, helping companies market their products and improve growth opportunities.

Eissa said the meeting reflects the level of attention the government is giving to entrepreneurship, which continues to receive support and follow-up from various state institutions through coordinated efforts aimed at building a more competitive economy driven by innovation and knowledge.

The event also included a series of open discussion sessions in which entrepreneurs shared successful experiences and innovative projects, while highlighting key challenges facing start-ups and potential solutions. Several distinguished companies were also recognised through the awarding of classification certificates intended to support their expansion, growth and sustainability.

The Startup Charter targets newly established companies characterised by rapid growth, flexibility and innovation, particularly those seeking to introduce or develop innovative products, services or business models in the market.

The charter’s classification committee comprises representatives from the ministerial entrepreneurship group, venture capital funds, angel investors, the entrepreneurship community and MSMEDA. The committee is responsible for reviewing applications submitted by companies seeking classification certificates under the initiative.

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During his remarks, Rostom highlighted the depth of cooperation between Egypt and the OECD, describing it as a long-standing and evolving strategic partnership based on supporting evidence-based policymaking, strengthening institutional development, and achieving inclusive and sustainable economic growth.

The minister said a key milestone in relations between Egypt and the OECD dates back to 2005, when Egypt became a founding partner in the OECD’s Middle East and North Africa Initiative, laying the groundwork for a sustainable institutional framework for dialogue and knowledge exchange.

He added that cooperation has continued to expand over the years, reflecting Egypt’s increasing alignment with OECD standards and frameworks.

Rostom also reviewed Egypt’s economic reform programme launched in 2016, which was anchored in Egypt Vision 2030 and aimed at restoring macroeconomic stability, enhancing competitiveness, and expanding social protection programmes.

The minister highlighted the closing conference of the OECD country programme, held in Cairo on 4 May in the presence of Prime Minister Mostafa Madbouly and the OECD secretary-general.

He said the event reviewed the outcomes of five years of close cooperation and marked the launch of 10 strategic reports prepared by the organisation covering priority sectors including innovation, investment, productivity, green growth, governance, and women’s economic empowerment.

According to Rostom, the reports represent an important resource for supporting evidence-based policymaking in Egypt.

He stressed that the country programme has played a pivotal role in strengthening institutional capacities, improving coordination among government entities, and embedding OECD standards into national policymaking mechanisms, helping ensure the long-term sustainability of the programme’s impact.

On follow-up mechanisms, Rostom said the Ministry of Planning and Economic Development has developed a dedicated electronic platform for the programme, enabling project managers across national entities to update implementation progress and monitor different aspects of cooperation, thereby improving coordination and enhancing the efficiency of programme management.

The minister added that the programme’s impact has extended regionally and internationally. In May 2025, Egypt assumed co-chairmanship of the OECD’s Middle East and North Africa Initiative on “Governance and Competitiveness for Development” for the 2026–2030 period, in addition to co-chairing the Women’s Economic Empowerment Forum.

He said the appointments reflect Egypt’s growing role as an active partner in regional and international policy dialogue.

Looking ahead, Rostom revealed that the ministry is leading broad consultations with national entities and the OECD to determine the priorities of the programme’s second phase.

He said the next phase aims to become more focused and targeted by deepening structural reforms in competitiveness, governance, and private sector development, while further integrating OECD standards and tools into national systems to support institutional reform and improve public policy efficiency.

Rostom concluded by saying that the upcoming phase of cooperation will focus on enhancing the competitiveness of the Egyptian economy, strengthening the capacity of state institutions to adopt more efficient and sustainable policies aligned with international standards, and supporting Egypt’s long-term development priorities.

The Egyptian country programme has received broad praise from representatives of OECD member states, including officials from the European Union, the United Kingdom, Turkey, Switzerland, Portugal, Greece, Germany, Austria, and Italy, who commended its role in supporting and accelerating economic reforms in line with international best practices.

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During the meeting, Madbouly reaffirmed the government’s commitment to driving forward projects in priority sectors such as healthcare, education, and infrastructure—key pillars of Egypt’s broader development agenda.

Rostom presented updates on performance indicators across multiple sectors, including human development, infrastructure, digital transformation, and citizen services. He highlighted the ministry’s monitoring and evaluation system, which tracks project completion rates, ensures adherence to timelines, and assesses the performance of government programs.

The minister emphasized that governance reforms are being implemented to improve the efficiency of public spending. These measures prioritize projects that are either in advanced stages of execution or directly enhance citizens’ quality of life.

Rostom also outlined ongoing coordination between the Ministry of Planning, the Ministry of Finance, and the National Investment Bank to establish an integrated electronic system for linking and exchanging data on public investment spending. The system will provide continuously updated information on project expenditures and implementation rates, enabling real-time monitoring and more effective decision-making.

By strengthening transparency and governance, the digital linkage system is expected to improve coordination between financing and implementation plans. Rostom noted that these efforts align with Egypt Vision 2030 and the government’s broader strategy to modernize planning and monitoring tools.

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