Shohdy: CDC Group backing 35 Egyptian firms at $ 270 m investment portfolio

14 / 06 / 2021

By Marwa Nassar - -

Sherine Shohdy, UK-based CDC’s Coverage Director in Egypt, said the CDC Group is supporting 35 Egyptian companies with investment portfolio of around 270 million dollars.

CDC Group has been investing in Egypt over the past 20 years as the CDC has been in Egypt since 2003, she said on Monday during the third edition of the Forum on Strategies for Transition to Green Economy which was organized by CSR Egypt under th eptronage of Prime Minister Moustafa Madbouli.

These investment funds were meant to be key drivers for collaboration and partnerships. This has involved partnerships with the private sector with an aim to develop the private sector in general.

There were also partnerships with international development institutions, like the International Finance Corporation (IFC) and Japan International Cooperation Agency (JICA), in addition to partnerships with local commercial banks, like CIB.

She said it takes a lot of collaborative work to join forces. There is a role for each one to play in line with the guidance of the Egyptian government towards the Egypt Vision 2030.

She referred to the importance of the presidential initiative “Decent Life” or “Hayat Karima” and how to offer people a decent life whether through clean energy, healthcare, education, or affordable housing.

She said this initiative touches every part of people’s lives.

Meanwhile, she referred to the Egypt Benban Solar project as one of the most successful examples of private sector and international institutions’ collaboration for sustainable development.

She noted that the Benban project – which was launched by the government – was backed by private sector developers and international financiers.

Both governments and investors are happy to play their role in order to have sustainable and clean energy, she said, noting that the project also generated job opportunities.

Companies included under the Nationally Determined Contributions (NDCs) for sustainable development were 80 percent higher in performance than other companies.

She agreed that investors have more appetite to invest in sustainable companies because of enjoying higher quality performance and this helps these companies to get more revenues.

She referred also to the flourish which the Benban area witnessed with the emergence of small businesses in there. She said the project totally changed this area which was mere desert in 2017, but now it can be seen from the aeroplane.