Egypt Opens Door to Local, Foreign Investments

Egypt's Forum for International Cooperation and Development Finance (Asharq Al-Awsat)
Egypt's Forum for International Cooperation and Development Finance (Asharq Al-Awsat)
TT

Egypt Opens Door to Local, Foreign Investments

Egypt's Forum for International Cooperation and Development Finance (Asharq Al-Awsat)
Egypt's Forum for International Cooperation and Development Finance (Asharq Al-Awsat)

Egypt's robust infrastructure and supportive political will that supports the private sector has opened its doors to local and foreign investments to achieve comprehensive and sustainable development, said the country's Finance Minister.

Mohamed Maait met with the CEO of the International Islamic Trade Finance Corporation (ITFC) and Islamic Corporation for the Development of the Private Sector (ICD), Hani Sonbol, on the sidelines of Egypt's Forum for International Cooperation and Development Finance in the New Administrative Capital.

The Minister asserted that Egypt seeks to increase its efforts to diversify sources and financing tools which would reduce the cost of development investments, especially with the current global economic crisis.

He pointed to the growing opportunities for cooperation with the ICD in many projects, and benefited from its experiences in Egypt's issuance of green Sukuk in a way that attracts new investors, helps sustain the economy, creates job opportunities, and boosts living standards and services provided to them.

The Minister explained that Egypt is studying with Japan the issuance of green Samurai bonds during the coming period.

Egypt successfully offered the first Samurai bonds in the Japanese market, valued at 60 billion Japanese yen, which attracted many Japanese investors.

He indicated that Egypt is also on ongoing joint venture with China to issue Panda bonds in the Chinese market.

Sonbol stressed that ICD's work is based on its significant experience in issuing sovereign Sukuk, noting that the Organization's work was praised by international institutions, explaining that there is an opportunity to cooperate with Egypt in this field.

"We look forward to working together to issue sovereign Sukuk or green Sukuk in Egypt," said Sonbol, adding that the Organization is experienced in the water, energy, and food sectors and can offer ambitious programs that support the national platform for green projects.

Later, Maait discussed with the co-chair of the High-Level Expert Group on Climate Finance, Vera Songwe, establishing a mechanism for exchanging commodities between African countries, primarily wheat and fertilizers.

During their meeting, Maait and Songwe exchanged views and ideas on mechanisms for achieving food security at the continental level to optimize the available resources, especially in light of the severe disruption in supply chains.

The Minister lauded Songwe's achievement during her tenure as Under Secretary of the United Nations Economic Commission for Africa, wishing her success in her new duties.

Maait invited Songwe to attend the "Finance Day" and adopt African visions to facilitate development funds that support green transformation and contribute to combating climate change.



Saudi EXIM Hosts Global Risk Experts Meeting in Riyadh

The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
TT

Saudi EXIM Hosts Global Risk Experts Meeting in Riyadh

The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA

The Saudi Export-Import Bank (Saudi EXIM) hosted the Berne Union's Country Risk Specialist Meeting, providing a platform for experts and thought leaders in risk management from the export credit community.
At the meeting, which took place from November 19 to 21 in Riyadh, the attendees exchanged best practices to better protect the industry amid shifting global dynamics.
According to a statement issued by the Saudi EXIM on Saturday, the event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions.
By strengthening institutional resilience, the industry is ready to turn global economic challenges into opportunities for economic prosperity, said the statement, adding that it played a crucial role in advancing global trade, strengthening international cooperation, and developing credit solutions that empower export activities while controlling risk, SPA reported.
According to the statement, discussions centered on critical risks impacting international trade and the global economy, such as debt sustainability and geopolitical tensions, along with innovative approaches to risk modelling. Participants also explored the global shifts in infrastructure, energy and critical minerals sectors, and were given an overview of Saudi Arabia's National Industrial Strategy, which focuses on economic diversification through investments, developing new sectors, and promoting local industries.
In his opening remarks, Saudi EXIM CEO Eng. Saad bin Abdulaziz Al-Khalb said the meeting is an ideal platform to address risks impacting global economic decision making.
He stated: "Through such meetings, we can turn challenges into strategic opportunities and enhance our resilience in an ever-changing world. At Saudi EXIM, we remain committed to enabling companies by offering expert financial and non-financial solutions to navigate risks effectively."
He also said that "at Saudi EXIM, we place great emphasis on risk management. In alignment with the main objective of this meeting, I am pleased to announce the completion of our independent country risk model, which is supported by advanced modelling tools and machine learning. This model will provide country ratings and predictions of default risks. We look forward to collaborating with our partners in other export credit agencies to exchange knowledge and expertise, and to strengthening our risk management functions with greater responsibility and effectiveness."
Associate Director at Berne Union Eve Hall said: "The global risk landscape today is highly volatile and highly interconnected. As we navigate our way around the ongoing transformations connected to energy transition and shifting industrial strategies, the traditional concept of 'country risk' is becoming increasingly complex. Our industry excels at understanding, quantifying and pricing these risks, and by bringing together this community of experts for technical exchange the Berne Union is able to help support the development of the industry as a whole. The initiatives announced by our colleagues at Saudi EXIM, making use of new technology in risk analysis, provide a fantastic example of where collaboration in this field can be effectively applied."
The statement disclosed that Saudi EXIM's membership in Berne represents a significant strategic step, and is consistent with the Kingdom's commitment to expanding collaboration and integration in the global economy.
This is achieved by building partnerships with leading institutions to address the challenges facing the export credit sector. It also aligns with the bank's goal of developing the export of national products and services through partnerships with national and international financial and funding organizations.
Berne Union works with global trade organizations to encourage the adoption of best practices in export credit insurance, and to cooperate in maintaining the stability of global trade.
Saudi EXIM, a development bank under the National Development Fund, contributes to diversifying the Kingdom's economic base by improving the efficiency of non-oil export ecosystems, bridging financial gaps, and minimizing export risks. This plays a role in helping the non-oil national economy grow, in line with Vision 2030.