Egypt’s Minister of Finance Mohamed Moeit and Minister of Transport Hisham Arafat joined the British ambassador in Egypt, Sir Geoffrey Adams, and UK Trade Envoy, Sir Jeffrey Donaldson, in welcoming leading international infrastructure finance experts at the Public-Private Partnerships (PPP) Leaders Forum, according to a statement by the British embassy on Wednesday.
Industry experts of British companies Mott MacDonald, PwC, and Pinsent Masons, LLP, are leading the development of government strategies for the implementation of major infrastructure, including Public-Private Partnerships (PPPs), across the Middle East.
Other ministerial representatives attended the forum alongside guest speakers from the EBRD, the IFC, and Orascom.
The forum aimed to identify the immediate actions required to kick start the Egyptian PPP programme, demonstrate to the wider investment and development community that Egypt has considered the lessons learned from past experiences, and explore in more detail project selections and best-in-class delivery of PPP projects, so as to promote programme success.
British ambassador to Egypt, Sir Geoffrey Adams, said: “I am proud Britain has played a significant role in supporting economic reform in Egypt. Britain has world-leading expertise in PPP, and as Egypt’s number one partner, we want to make it available here.”
UK Trade Envoy, Sir Jeffrey Donaldson, said: “The UK has the world’s leading financial market, and we are proud to be sharing our skills and expertise with the ministry of finance, to develop its PPP financing system. The UK has already worked to provide finance opportunities to Egyptian companies, technical assistance to the ministry of finance, and capacity building to the Egyptian stock exchange employees. We look forward to taking this cooperation to new heights.”
Mott MacDonald recently acted as Lenders’ Technical Advisor on several high-profile regional infrastructure finance projects, including the Nubian Suns Solar Park and the Ras Ghareb Wind Farm in Egypt, Istanbul Airport, Canakkale bridge, and several major healthcare campus PPPs in Turkey.
Mott MacDonald’s Global Advisory Sector Leader, John Seed, added in a recent report, “PPPs must be a catalyst for sustainable development. PPP frameworks can be a key element in our drive to deliver the sustainable infrastructure so urgently needed.”
PwC Egypt Country Senior Partner, Maged EzzElden, said: “The improvement of political and economic conditions enables Egypt to revitalise its PPP programme. The demand of new infrastructure, which is driven by the economy and population growth, provides attractive opportunities to international capital and expertise. PwC believes that the use of PPPs can have wide reaching benefits for the country, and it is here today to provide its views and advice on how these can be used effectively, and to the maximum benefit of the county. PwC have been committed to Egypt and the Infrastructure programme for many years, and we continue to grow our presence in Egypt, and support all the government infrastructure initiatives.”
Partner Dominic Holt, and Partner PwC Middle East Infrastructure and Government Team Mario Salameh, said: “Public Private Partnership have been proven to provide both fiscal benefits, as well as wider economic benefits, for example, foreign investment and stimulus to the local manufacturing market. PwC supports the relaunch of the PPP programme here in Egypt, and seeks to maximise the economic and social benefits for the country which such a programme can bring.”
Pinsent Masons LLP has had roles acting for both the public and private sector on a number of Egyptian PPPs, as well as energy schemes, such as the recent feed-in-tariff renewable energy programme. Head of Finance and Projects for the Middle East at Pinsent Masons LLP, Tim Armsby added: “I have been working in Egypt since 2003, and was privileged to have the opportunity to assist the Egyptian government on a number of PPPs over the last decade. I was honoured to attend the PPP Leaders Forum, and provide insights from our Egyptian and wider international experience to help Egypt re-start its PPP programme. Egypt already has a considerable track record of attracting private sector investment in infrastructure, and this forum should provide impetus for a re-launch to the international markets”.