Dr. Rania Al-Mashat, Egypt’s Minister of Planning and Economic Development and International Cooperation, met with Saadia Zahidi, Managing Director of the World Economic Forum (WEF), and Mohammed Abunayan, Founder and Chairman of ACWA Power, during the WEF meetings held in Tianjin from June 23-26. The event, themed “Flexible Economic Policies to Adapt to Global Changes,” brought together high-level participants from over 90 countries.
During the meeting with the WEF’s Managing Director, both parties discussed activating the Letter of Intent signed in January during the Davos Forum to develop Egypt’s “Economic Growth and Development Accelerator.” This aims to support Egypt’s economic development efforts and benefit from insights from the WEF’s New Economy and Society Center. They also explored collaboration between the WEF and technical teams from the Ministry of Planning to activate the accelerator soon.
Additionally, the Minister discussed the integration between the accelerator and Egypt’s upcoming national development narrative, which seeks to transition to a private-sector-driven economic growth model focused on tradable and exportable sectors, increase foreign direct investment, and localize industry.
In a separate meeting with ACWA Power’s Chairman, Dr. Al-Mashat reviewed the company’s investments in renewable energy projects under Egypt’s National Platform for Green Projects, the “Nafeey” Program. She highlighted the critical role of international partnerships and concessional financing in encouraging private sector investments in renewable energy.
The Minister emphasized that the government is taking further steps to empower the private sector and increase its contribution to development across various fields, while also improving the legislative and regulatory environment to facilitate private sector growth alongside public investment governance.
The Ministry recently launched its second progress report on the “Nafeey” Program, which targets adding 10 GW of renewable energy capacity with investments of around $10 billion and phasing out 5 GW of fossil fuel-based power generation by 2028. Over two and a half years, $4 billion in concessional financing has been mobilized to implement 4.2 GW of renewable energy capacity, involving companies like ACWA Power, Masdar, Infinity, Scatec, AMEA Power, Orascom, and Hassan Allam Utilities.
— news from (Youm7)
— News Original —
Minister of Planning Meets with Managing Director of World Economic Forum and Chairman of ACWA Power
Dr. Rania Al-Mashat, Minister of Planning and Economic Development and International Cooperation, met with Saadia Zahidi, Managing Director of the World Economic Forum (WEF), and Mohammed Abunayan, Founder and Chairman of ACWA Power, during the WEF meetings held in Tianjin from June 23-26. The event, themed “Flexible Economic Policies to Adapt to Global Changes,” brought together high-level participants from over 90 countries.
During the meeting with the WEF’s Managing Director, both parties discussed activating the Letter of Intent signed in January during the Davos Forum to develop Egypt’s “Economic Growth and Development Accelerator.” This aims to support Egypt’s economic development efforts and benefit from insights from the WEF’s New Economy and Society Center. They also explored collaboration between the WEF and technical teams from the Ministry of Planning to activate the accelerator soon.
Additionally, the Minister discussed the integration between the accelerator and Egypt’s upcoming national development narrative, which seeks to transition to a private-sector-driven economic growth model focused on tradable and exportable sectors, increase foreign direct investment, and localize industry.
In a separate meeting with ACWA Power’s Chairman, Dr. Al-Mashat reviewed the company’s investments in renewable energy projects under Egypt’s National Platform for Green Projects, the “Nafeey” Program. She highlighted the critical role of international partnerships and concessional financing in encouraging private sector investments in renewable energy.
The Minister emphasized that the government is taking further steps to empower the private sector and increase its contribution to development across various fields, while also improving the legislative and regulatory environment to facilitate private sector growth alongside public investment governance.
The Ministry recently launched its second progress report on the “Nafeey” Program, which targets adding 10 GW of renewable energy capacity with investments of around $10 billion and phasing out 5 GW of fossil fuel-based power generation by 2028. Over two and a half years, $4 billion in concessional financing has been mobilized to implement 4.2 GW of renewable energy capacity, involving companies like ACWA Power, Masdar, Infinity, Scatec, AMEA Power, Orascom, and Hassan Allam Utilities.