Egypt signs landmark agreements with development partners, private sector to boost investment
Updated 6/16/2025 7:42:00 AM
Arab Finance: Prime Minister Mostafa Madbouly witnessed the signing of a series of strategic agreements between the Egyptian government, development partners, and private sector companies during the “Development Finance to Foster Private Sector: Led Growth and Job” conference, organized by the Ministry of Planning, Economic Development, and International Cooperation, as per a statement.
The conference, held in the presence of ministers, parliamentarians, ambassadors, international development institutions, and representatives from business councils and chambers of commerce, highlighted Egypt’s commitment to a private sector-led economic model based on competitiveness, sustainability, and inclusive growth.
Madbouly emphasized the government's continued implementation of structural reforms and its efforts to expand private sector participation across key sectors.
He noted that the private sector is not merely a partner but a central engine of Egypt's economic growth.
Among the key agreements signed was the financial closure for the Obelisk solar power plant project, which includes 1 gigawatt of solar capacity and 200 megawatt-hours of battery storage.
Developed by Norway’s Scatec, the $600 million project is part of the Ministry of Electricity’s urgent capacity expansion plan and falls under the Nexus of Water, Food, and Energy (NWFE) program.
The Prime Minister also witnessed the signing of a power purchase agreement for the 900-megawatt Shadwan wind power project, also developed by Scatec, and located in Ras Shukheir in the Gulf of Suez. The project represents approximately $1 billion in foreign direct investment and is another cornerstone of the NWFE program.
In the presence of International Finance Corporation (IFC) CEO Makhtar Diop, Madbouly attended the signing of a financing agreement between the IFC and Emirati firm AMEA Power to support Egypt’s first utility-scale battery energy storage project, the Abydos Solar Power Project, also part of the "NWFE" program.
Other agreements included a cooperation protocol between the Ministry of Planning and Economic Development, and International Cooperation and the Federation of Egyptian Banks to expand access to development financing through the Ministry’s "Hafez" platform.
Additionally, an investment grant agreement was signed between the Ministry of Planning and the European Investment Bank (EIB) for the €21 million sustainable green industries project.
Minister of Planning Rania Al-Mashat also signed agreements with 12 representatives from chambers of commerce, business associations, and the Federation of Egyptian Industries to enhance access to the Hafiz platform's financial and technical services.
The ministry launched the Hafiz platform as an integrated digital gateway connecting development partners, implementation bodies, and the private sector, including SMEs and startups.
Since its launch in December 2023, the number of services offered on the platform has grown from 62 to over 90, with participation from 44 bilateral and multilateral partners.
The platform now includes nearly 18,000 registered users, over 700 companies that have benefited from its services, and more than 1,000 development tenders and opportunities spanning Egypt and over 80 other countries.
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