The Egyptian government on Thursday announced the establishment of a US$5-billion fund to finance partnership projects with the private sector.
“The fund was established to grant long-term loans and time deposits,” Rania Zayed, director of the Finance Ministry’s public-private partnership central unit, said.
She went on to point out that the government had already chosen six finance projects in the transport, energy and infrastructure sectors. “The first project, for electricity production from solid-waste recycling in the Helwan district, is scheduled to begin in February,” she said.
Zayed noted that the World Bank, African Development Bank and Islamic Development Bank had all been invited to contribute to the fund.
She also said that Egypt's State Council had approved amendments to draft legislation governing public-private partnerships, pointing out that the Finance Ministry would sign all partnership contracts on behalf of the government.
“The state will thereby guarantee funding for projects and equities,” Zayed explained, adding that there were currently some 38 projects in the pipeline worth a total of LE52.5 billion.
Translated from the Arabic Edition.
