CAIRO, March 24 (MENA) - Prime Minister Moustafa Madbouli witnessed on Monday the inking of an agreement for consultancy services between the Egyptian government and the International Finance Corporation (IFC) - a World Bank member focusing on financing the private sector.

The agreement is meant to offer consultancy services to expand the private sector's participation in the airports sector in Egypt.

Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat and Civil Aviation Minister Sameh Hefny signed the deal with IFC's Vice President for Africa Sérgio Pimenta.

On the fringe of the inking ceremony, the premier said the agreement signed today promotes cooperation with the IFC as it is part of a larger partnership with the international body.

The deal is meant to benefit from the relative privileges offered by the IFC to lure local and foreign private investments and promote government-private partnerships in various development domains.

Under the deal, the IFC will provide advisory services to expand private sector participation in the Egyptian airport sector, the premier said.

He stressed keenness on supporting this vital partnership that will contribute to enhancing the services and capacity of Egyptian airports.

For her part, Minister Mashat, Egypt's Governor at the World Bank Group, clarified that the partnership with the IFC in offering Egyptian airports to the private sector complements bilateral cooperation that was initiated in June 2023 regarding the government offerings program.

This falls within the framework of implementing the State Ownership Policy Document and achieving private sector-led economic growth, according to her.

The state prioritizes restoring the role of the local and foreign private sector in leading economic development efforts and is implementing a national structural reform program in addition to seeking to expand financing mechanisms for development in order to attract foreign direct investment, she said.

The minister also said the government has paved the ground for these steps by enhancing macroeconomic stability, taking measures to control public finances, implementing structural reforms to catalyze the private sector, and creating an encouraging investment climate for local and foreign investors.

The government's move to expand partnership with the private sector in the airport sector coincides with the strong growth of the tourism, transportation, and storage sectors in the first quarter of the current fiscal year in addition to an increase in private sector investments to 63 percent of total investments, she said.

She added that inbound tourism in 2024 recorded its highest rates.

She also referred to Egypt's preparations for the inauguruation of the Grand Egyptian Museum, which reflects the continuous growth in travel movement via various airports and the opportunities awaiting the private sector to participate in various airports.

Meanwhile, Hefny said the aviation ministry seeks under this deal to expand private sector participation in the airport sector in Egypt and implement a strategic plan to identify viable airport projects in partnership with the private sector.

IFC's Vice President for Africa Sérgio Pimenta said that strengthening the infrastructure of Egyptian airports through public-private partnerships will boost economic growth.

He added that this program will help attract global investors to build modern and highly efficient airports that enhance Egypt's position as a global hub for travel and trade. (MENA)
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