Cairo – Mubasher: Egypt and the European Union (EU) launched the European Fund for Sustainable Development Plus (EFSD+) mechanism for investment guarantees valued at EUR 1.80 billion.
The announcement came during the activities of the ‘Development Finance to Foster Private Sector-Led Growth & Jobs’ Conference, according to a press release.
Rania El-Mashat, Minister of Planning, Economic Development, and International Cooperation, highlighted that the investment guarantee mechanism reflects the joint commitment of the government and the EU to support the private sector's participation in the development process.
The mechanisms aim to leverage the investment guarantees available through the Hafiz platform for financial and technical support to the private sector.
El-Mashat stated that the mechanism will provide guarantees to a wide range of global financial institutions, including the European Investment Bank (EIB), European Bank for Reconstruction and Development (EBRD), German Development Bank (KfW), International Finance Corporation (IFC), and Italian Deposit and Loan Fund (CDP).
This will mobilize further private capital for key development sectors in Egypt, particularly renewable energy, green transition, food security, investment in human capital, infrastructure, and others.
