Minister of Trade and Industry Amr Nassar said that the coming period will witness the implementation of a number of cooperation programmes between the Ministry and the International Finance Corporation (IFC) in a number of industrial and commercial sectors to increase their competitiveness and increasing the added value of Egyptian products to enable them to compete in local, regional and foreign markets.
The Minister met with IFC delegation headed by Walid Labadi country manager of Egypt, Yemen and Libya at IFC to discuss the current IFC’s projects in Egyptian market and future projects that will be implemented in cooperation with the ministry in the coming period.
During the meeting, the two sides presented a number of current joint projects between the ministry and the IFC, the most important of which is the project to raise the efficiency of the use of electric motors in Egyptian industry, which aims to improve the competitiveness of Egyptian industry by reducing energy use and encouraging energy efficiency practices.
The minister added that the project includes the design of a package of policies and incentives to develop the efficiency of the use of electric motors in industry, pointing out that the project also includes increasing investment and promotion of local manufacturing of electric motors industry and increase the local component in manufacturing by focusing on the development of value chain for the manufacture of electric motors in Egypt.
Nassar explained that the ministry is currently discussing with the IFC a partnership project to strengthen the supply chain of alternative fuels in cement industry in Egypt with a focus on waste gas to create a better market environment for the implementation and development of alternative energy projects as part of the waste management system.
Walid Labadi country manager of Egypt, Yemen and Libya at IFC said that the corporation is the world’s largest development institution that focuses directly on supporting and developing private sector in developing countries.
Labadi added that the IFC provides its financial resources, expertise, global experiences and innovative ideas to help its partners implement development projects that serve their national economies.
He noted that the financing of the project to raise the efficiency of electric motors used in the industrial sector in Egypt amounted to $2.3m for 3 years with a financial contribution from the IFC with the support of the Ministry of Trade and Industry.
Labadi disclosed that the IFC is currently working with the ministry on launching a new project in the agro-industry sector, in light of the sectoral strategies prepared by the Ministry.