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Business France holds summit for international financial institutions, Egypt private sector - Daily News Egypt

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Business France holds summit for international financial institutions, Egypt private sector

Delegation of 18 companies will be first businesses to visit Egypt since February 2020

Business France, a government agency for international development, is to organise a three-day event in Cairo on 7-9 June.

The event will take place under the title “French meeting days with IFIs and leading private partners in Egypt”.

Many key players of the French expertise in energy, mobility, water and sanitation, waste management, as well as health and digital innovation, have seized this opportunity to bring on board their best solutions. These are set to work in favour of sustainable development in Egypt.

Since 2016 and the implementation of structural reforms by the Egyptian Government, with the support of the International Monetary Fund (IMF), Egypt has consolidated and developed strong economic relations with many nations.

This is particularly in Europe, which is currently acting as Egypt’s foremost trading partner, first foreign investor, and first contributor in terms of development aid.

The European Union (EU) and International Financial Institutions (IFIs) are dedicating important financial resources to Egypt’s sustainable economic development.

As a result, the Business France event will contribute to encouraging the private sector to play a key role in Egypt’s economic growth, while giving small- and medium-sized enterprises (SME) credit access.

The main sector priorities considered by both IFIs and the Egyptian Authorities are renewable energies, mobility, health, water and sanitation, food security, education, and innovation/digitalisation.

The companies involved in the delegation to move these priorities forward are: Alstom; Beaudrey et Cie; Coppelis; ETF; Maidis; Mascara; Ragni; RATP Dev; SETEC; SNCF; Sofia Europa; Steam France; SUEZ; Tesalys; Thales Group; Veolia; Vinci; and Voltalia. 

The French Development Agency (AFD) is strongly assisting Egypt in its transition towards a more inclusive and sustainable growth, mainly in energy.

A total of 30% of its Egyptian portfolio is reflected in the energy sector, with Egypt being AFD’s main partner regarding energy investments. 

The AFD is also involved in water and sanitation, together with European Investment Bank (EIB) and the EU, as well as health and social protection.

Phillippe Garcia, Director of Business France Egypt noted that, as a testimony of the initiative’s relevance, all the IFIs active in Egypt are joining the event. These include the World Bank, IFC, the African Development Bank (AfDB), the European Bank for Reconstruction and Development (EBRD), EIB, EU, and the AFD. 

He added that Business France is counting on this three-day event to pave the path to a wide, fruitful, and long-lasting cooperation for a more sustainable social and economic development in Egypt.

Topics: Business France

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