Finance
Programme name: Private Sector Development and Economic Diversification Support Program – Phase I (PSD-EDSP I)
Total amount: US$131 million
Background
Confronted with significant external shocks in the last few years, Egypt has made substantial efforts to mitigate the impacts of the COVID-19 pandemic and Russia’s invasion of Ukraine on the domestic economy and preserve resilience. After addressing these shocks through emergency measures that benefited vulnerable communities, the government firmly committed to implementing appropriate mid- to long-term measures to build a resilient economy through private sector development, economic diversification, and green transition.
The program supports the Egyptian government’s efforts through a robust public reform matrix to facilitate increased private sector development by improving the business environment and diversifying sources of green growth.
Specific objectives of the programme:
Contribute to improving the business environment by adding new incentives for private sector investors and reducing delays in obtaining investment licenses.
Strengthening the framework for competition and commercial justice.
Promoting key productive sectors, including manufacturing and agribusiness.
Supporting green transition by allocating the necessary land to renewable energy investments and promoting green hydrogen.
Beneficiaries
Direct beneficiaries: Egyptian State, private industries and agri-business operators.
Indirect beneficiaries: Local SMEs, especially women-owned businesses.
Expected results
By promoting private sector development and supporting economic diversification and green transition, the PSD-EDSP I will:
Boost private investment from 3.3% of GDP in 2021/22 to 4.3% in 2024/25.
Reduce the processing time for business licenses from 28 days in 2022 to 10 days in 2025.
Increase manufacturing value from 14.2% of GDP in 2021 to 17% in 2025.
Increase the area of state-owned lands dedicated to renewable energy investments up to 30,000 square kilometers by 2025.
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
About the co-financing of the program:
PSD-EDSP was designed in collaboration with other development partners, as illustrated by the adoption of a joint Policy Matrix co-financed by the Japan International Cooperation Agency (JICA) and Korea Economic Development Cooperation Fund (EDCF) under the “Korea-Africa Energy Investment Framework”.
Latest Stories
-
We may all resort to vote buying if electorates prioritise such over development – Asiedu Nketiah
13 mins -
NDF engages mineral extraction communities in advocacy and litigation resolution
17 mins -
Adabraka in community A/R unites to combat electoral violence
24 mins -
Forestry Commission cracks down on endangered bush meat trade
25 mins -
Global GDP could plunge by 24% by 2,100 without urgent climate action
26 mins -
High Court dismisses lecturer’s bid to block Deputy IGP’s appointment
34 mins -
MTN records 35.5% growth in profit to GH¢3.76bn in quarter 3, 2024
57 mins -
Deloitte to hold training on navigating customs and excise duty Obligations
1 hour -
Akufo-Addo, Bawumia should have prioritised National Peace Campaign launch – Mahama
1 hour -
AGI works to clamp down on substandard foreign mattresses penetrating Ghanaian markets
1 hour -
Immigration Service intercepts 54 gallons of fuel
1 hour -
Ace Medical Insurance makes its mark at Ghana Club 100 Awards
1 hour -
Dafeamekpor takes Speaker to High Court to affirm vacant seats ruling
1 hour -
Government is not funding GMX music streaming platform – Director of Marketing
1 hour -
Energy sector not advancing enough – ACEP
1 hour