Minister of Planning and Economic Development Ahmed Rostom stressed the importance of enhancing direct coordination mechanisms between the ministry's technical sectors and beneficiary ministries to achieve an integrated approach maximizing accumulated expertise.
This came during Rostom's meeting with a World Bank Group team to discuss updates on the infrastructure project financing guarantee mechanism, institutional coordination, and implementation frameworks to boost execution efficiency and diversify development funding sources.
Rostom said the electricity and energy sector represents a successful local model of institutional cooperation, having undergone a structural transformation through innovative financing initiatives and international partnerships. He noted that discussions are underway with relevant ministries to agree on priority infrastructure projects to be included under the mechanism.
He stressed that leveraging this innovative financing model will advance development efforts, reduce foreign borrowing, and boost private sector participation in the economy. He added that the current roadmap relies on balanced project risk management to assess operational efficiency before expanding into major national development projects.
The minister reviewed the proposed vision for the financing guarantee mechanism, emphasizing continued coordination to establish regulatory frameworks ensuring execution efficiency and governance to maintain market stability. He noted that the mechanism's main objectives focus on building an effective partnership between the government, the World Bank, and development partners to support long-term local currency financing for infrastructure projects, reduce reliance on sovereign guarantees, ease budget pressures, and attract private capital to support Egypt Vision 2030.
Concluding the meeting, Rostom outlined the mechanism's governing principles, including good governance, transparency, limited government participation, and empowering development partners, noting that project selection criteria prioritize economic feasibility across diverse sectors The Inauguration of the State Strategic Command Headquarters “The Octagon” in the New Capital President Sisi inaugurates 'Octagon' Strategic Command headquarters in New Capital The Inauguration of the State Strategic Command Headquarters “The Octagon” in the New Capital