Hala El-Said, Minister of Planning and Economic Development, on Wednesday discussed with Yasmine Fouad, Minister of Environment, aspects of cooperation to boost investment in natural reserves.
The meeting was attended by Ayman Soliman, Executive Director of The Sovereign Fund of Egypt (TSFE).
During the meeting, El-Said indicated that the main goal is to protect natural resources with the participation of the private sector, especially in light of the structural reforms that the state is currently undertaking, which target more private sector participation in all fields.
El-Said stressed the importance of the TSFE, which was established within the framework of the Egyptian state’s plan to achieve sustainable development (Egypt Vision 2030). There was a need to create a large economic entity capable, through a partnership with local and international companies and institutions, to increase investment, and maximise the state’s assets.
The planning minister explained that the fund has established a group of sub-funds specialized in various fields, including a sub-fund for various health services, a sub-fund for infrastructure, and a sub-fund for financial services and digital transformation, in addition to a sub-fund for tourism and real estate investment, stressing that tourism is one of the country’s priorities at the current stage, especially after the repercussions of the COVID-19 virus.
For her part, Fouad referred to the strategy of the Ministry of Environment to develop natural reserves, as the ministry is making great efforts in this field and providing a real model for sustainable development, as it takes into account the environmental, economic, social and health dimensions of ecotourism, especially as it will be a haven for reviving the national economy.
Fouad explained that the development of the infrastructure and services provided to visitors has been completed with 12 of the 30 reserves spread throughout the republic during the past year and a half and that the ministry has issued several decisions to regulate aspects of activities in natural reserves. It will also merge five local communities within the reserves to contribute to activities to develop the areas economically and socially by providing sustainable job opportunities for them, as 70% of the manpower in the reserve is from the local community. She explained that these measures are considered a preparation for the private sector’s participation in investing in natural reserves.