Egypt - Economic Summit: Assistance to Middle Income Countries (MIC)


Project Summary

Approval Date 19 Nov 2014
Signature Date 24 Nov 2014
Planned Completion Date 30 Apr 2016
Last Disbursement Planned Date 30 Apr 2016
Sovereign / Non-Sovereign Sovereign
Sector Multi-Sector
DAC Sector Code 15124
Commitment U.A 390,000
Status Completion

Project General Description

The proposed operation is a grant of UA 390,000 (equivalent to USD 585,000) to the Government of Egypt from the MIC TAF to Support the Egypt’s International Economic Investment Conference implementation. This is an identified need for institutional support to the dedicated unit established within MIC to enable them to utilize innovative methods for resource mobilization, such as the organization of world-class investment conferences, towards Egypt’s economic recovery. The International Economic Conference planned for March 2015 will be the first initiative to be managed by this unit. The objective is to build institutional capacities within the Ministry of International Cooperation in support of management, oversight and coordination of the 2015 International Economic Conference. The Conference is expected to unveil investment opportunities for both the private and public sector, to the tune of USD 60-80 Billion. It targets 500 key global investors and financing organizations including the AfDB and similar multilateral development organizations. Participants will include strategic political decision makers such as Heads of State, the G20 Central Bank Governors and leaders of major international financial organizations, in addition to business leaders and CEOs of top global wealth and investment funds, business tycoons, and opinion leaders. The project is structured into three main components: (i) Institutional Capacity Building through Advisory Services; (ii) Logistical Support; and (iii) Project Management. It will be implemented over a period of 1 year from grant effectiveness.

Project Objectives

The overall project goal is to contribute to the re-positioning of the Egyptian economy in order to attract investments to spur economic growth and development. The proposed project objective will be building institutional capacities within the Ministry of International Cooperation to support the management, oversight and coordination of the 2015 International Economic Conference. The expected overall outcome is: (i) 50% of financing needs pledged by the international community and the private sector; (ii) resource mobilization platform established 70% of the targeted participants, including global leaders attending the 2015 Conference. The specific outcome of the Bank financed project is the establishment of a resource mobilization mechanism and capacity building of at least 5 MIC staff.

Beneficiaries

The direct project beneficiaries will be the public administration in charge of fund raising and coordination, represented by MIC staff working in the dedicated unit set up to manage and coordinate the 2015 Conference and annual conferences there-after. The indirect beneficiaries include: (i) the Government of Egypt and its key sector Ministries that will benefit from increased exposure of investment opportunities and increased FDIs, and (ii) the Egyptian citizens at large who will benefit from the economic growth and job creation resulting from increased investments.

Participating Organization

Funding
Middle Income Countries Fund
Extending
Government of Egypt
Implementing
Ministry of International Cooperation
Implementing
Ministère de la Coopération Internationale

Information

IATI identifier 46002-P-EG-KF0-005
Last Update 25 Mar 2023

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Contact Details

Name Prajesh BHAKTA
Email p.bhakta@afdb.org

Geographic Location

Country Egypt
Coordinates Location Name
27 30 Egypt
30.05 31.65 Cairo Governorate