COP29: New commitment to channel $1.3tn of climate finance to developing world annually
The COP29 Presidency of Azerbaijan today announced the agreement of the Baku Finance Goal (BFG), ...
EBRD official: Fostering competition in Egypt’s private sector is of great value
Director, Head of Egypt at the European Bank for Reconstruction and Development (EBRD) Khalid Hamza said that “Fostering competition and competitiveness in Egypt is of a great value. Competition improves private sector standing and resilience, minimizes market distortions and frees public financial resources to address pressing social and economic challenges. A level playing field could also help to address widespread informality and generate new opportunities for SMEs, and become a key driver of job creation”.
He made the remarks during the launch of the third business report of the United Nations Development Program (UNDP) – under the title of titled “Expanding Opportunities for the Egyptian Private Sector in the Post-COVID Era”.
The UNDP Egypt in partnership with the EBRD, the American Chamber of Commerce (AMCHAM) and the Government of Japan, launched the report.
The report takes stock of the COVID-19 pandemics’ impacts on the Egyptian private sector in Egypt, capturing the experiences and insights of private sector companies and provides a roadmap for sustainable recovery and future growth in the post-COVID era. The findings of the report will catalyze policy dialogue on how businesses in Egypt can overcome the challenges of COVID-19.
At the launch event “Expanding Opportunities for the Private Sector: Thriving for Growth During Times of Challenge”, Dina Sherif, Executive Director of the Legatum Center at MIT and Senior Lecturer at Sloan School of Management and CO-Founder Ahead of the Curve presented report recommendations to support the private sector and the Government of Egypt amid current uncertainties.
As key note speaker Dr. Rania A. Al-Mashat, Minister of International Cooperation highlighted that “The Government of Egypt’s economy has shown resilience in the past two years, despite successive global challenges due to agile policymaking, strengthened public-private partnerships, and a commitment to international cooperation to accelerate progress on the Sustainable Development Goals (SDGs), in line with national objectives. The report published today on “Expanding Opportunities for the Egyptian Private Sector in the Post-COVID Era”, captures the role and impact of private sector participation in Egypt in terms of sustainable development, taking into account the impact, and response to the COVID-19 pandemic, as well as the way forward. With increased private sector engagement in development, we will be able to increase sustainable growth and fast-track a green and inclusive recovery.
During his speech, UNDP Resident Representative, Alessandro Fracassetti, stated: “We believe that this report can play a catalytic role in kickstarting a policy dialogue on how businesses in Egypt can overcome the challenges of COVID-19 and harness the potential of public-private and private-private cooperation to ensure a sustainable response to the crisis that helps build a more resilient economy.”
“Japan has been promoting the role of private sector in Egypt through three dimensions: infrastructure, human capitals, and finance. We will continue to closely work with the Government of Egypt and international partners to support Egypt’s private sector for more sustainable, inclusive, and thus resilient economic development.”, Hiroshi OKA, the Ambassador Extraordinary and Plenipotentiary of Japan to Egypt noted.
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