Cairo: Minister of Planning and Economic Development Dr. Ahmed Rostom and Minister of Finance Ahmed Kouchouk engaged in a high-level meeting with a delegation from the World Bank Group and representatives from the African Development Bank (AfDB). The discussions centered on innovative mechanisms to bolster private investment in Egypt's infrastructure sector.

According to State Information Service Egypt, the meeting emphasized stimulating private sector participation through innovative financing tools. The World Bank Group delegation introduced a comprehensive proposal for an "Infrastructure Finance Guarantee Facility (IFGF)." This facility is designed to tackle the financing hurdles of long-term infrastructure projects in local currency, decrease dependency on direct sovereign guarantees, ease the burden on the state budget, and improve the management of emergency obligations. It also aims to draw private capital into crucial sectors like renewable energy and water.

The ministers expressed their unequivocal support for the IFGF initiative, highlighting its alignment with Egypt's governmental goals of enhancing fiscal sustainability and broadening private sector involvement in comprehensive development. They stressed the importance of such initiatives in achieving long-term economic stability and growth.

The meeting concluded with an agreement on a strategic roadmap. This plan involves consultations with relevant government agencies, financial institutions, and private sector developers to ensure the facility's design meets the demands of the Egyptian market and future infrastructure projects.