Egypt To Diversify Funding Sources With Sustainability, Social Bonds: Finance Minister

(MENAFN- Daily News Egypt) Ahmed Kouchouk, Egypt's Minister of Finance, has emphasized the government's commitment to engaging with the private sector and international institutions to build a more sustainable economic future. Speaking at the banking and Finance Committee meeting of Chapter Zero Egypt on Tuesday, he highlighted financial policies aimed at enhancing economic competitiveness and production by linking priority activities with targeted incentives.

“We are integrating climate considerations into economic initiatives, from industry to tourism, and we welcome innovative ideas from the private sector to embed sustainability in the new export support program,” Kouchouk stated.

He underscored the ministry's efforts to reduce debt, creating fiscal space to support economic growth, social spending, and human development.“Diversifying funding sources, including the issuance of sustainability and social bonds, is a key priority,” he added.

The Minister also reaffirmed the government's support for both local and foreign businesses in expanding green financing and driving sustainable growth. As part of this vision, he announced the launch of two initiatives to promote the use of natural gas and electricity for cars and buses.

On tax and customs policies, Kouchouk stressed the importance of fostering trust and partnership with taxpayers through successive incentive packages and streamlined processes.“The real challenge is in execution, and we are committed to motivating our teams to deliver effective tax reforms,” he said.

Ahmed El Sewedy, Group Chairperson, CEO, and Managing Director of Elsewedy Electric, as well as Founder and Chairman of Chapter Zero Egypt, praised the Minister's proactive engagement with the business community.“This approach strengthens the investment climate and fuels optimism for a future full of opportunities,” he remarked.

Ehab Mahawed, General Manager of Orascom Construction and Board Member of Chapter Zero Egypt, highlighted Egypt's strategic advantages in attracting international investments, particularly in renewable energy. He called for expanding waste-to-energy projects and reducing fuel imports to ease financial pressures and stimulate economic growth.

Helmy Abouleish, Chairman of SEKEM Group and Secretary General of Chapter Zero Egypt, emphasized the need to support sustainable agriculture.“Half of Egypt's population depends on agriculture, which is highly vulnerable to climate change. We must shift towards sustainable practices to address water scarcity and work toward net-zero emissions,” he said, advocating for tax incentives for companies reducing their carbon footprint.

Manal Hassan, Vice President of Elsewedy Electric, pointed out challenges in decarbonizing supply chains due to reliance on imported raw materials. She proposed mandatory carbon disclosure for companies exporting to Egypt, along with investment incentives for venture capital.

Ayman Salah, Founder and CEO of Chapter Zero Egypt, stressed the importance of continued collaboration between the private sector and the Ministry of Finance to maximize development opportunities.“Mobilizing local and international resources is essential to overcoming challenges and driving sustainable progress,” he concluded.

MENAFN04022025000153011029ID1109169216