HomeMiddle EastEgyptEgypt Moves Towards Privatization of Airports in Bid to Boost Economy

Egypt Moves Towards Privatization of Airports in Bid to Boost Economy

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Egypt has initiated the process of privatizing its airport management and operations, marking a pivotal shift in its transportation sector.

The announcement, made by the Cabinet on Monday, signals the beginning of an international tender for the management of Egyptian airports, including the bustling Cairo International Airport, as disclosed by the country’s Civil Aviation Minister Mohamed Abbas Helmy.

Prime Minister Mostafa Madbouly underscored the government’s commitment to fostering partnerships with private entities in enhancing the efficiency and effectiveness of critical logistics and transportation systems.

The move, part of a broader strategy to bolster the private sector and stimulate economic growth, follows a declaration in November 2023 wherein Madbouly announced plans to offer seaports, dry ports, and airports to private sector management.

Egypt’s Transportation Ministry, in collaboration with global corporations, has devised an integrated strategy aimed at localizing the aviation industry, with a particular focus on enhancing the operational capacity and service quality of airports across the nation.

This strategic shift towards privatization has received substantial backing from international financial institutions.

In July 2023, the European Bank for Reconstruction and Development (EBRD) extended support to Egypt in the amount of $533.7 million, recognizing its efforts in privatization and restructuring initiatives.

This financial backing underscores the international community’s confidence in Egypt’s economic vision and reform agenda.

Under the Egypt 2022-2027 strategy, spearheaded by Minister of International Cooperation Rania Al-Mashat, the EBRD has allocated development financing worth $400 million to the National Bank of Egypt. The focus is on supporting small and medium-sized enterprises (SMEs), particularly those led or owned by young entrepreneurs.

Additionally, funding worth $100 million has been earmarked for Banque Misr to enhance SME financing, with an emphasis on promoting inclusive and sustainable growth.

The EBRD’s support extends beyond traditional financing avenues, with investments in the Mediterrania Capital IV Fund amounting to €30.2 million ($33.7 million).

This injection of funds is expected to further catalyze SMEs’ growth and foster entrepreneurship in Egypt.

The privatization of airport management and operations marks a pivotal moment in Egypt’s economic trajectory. It signals the government’s resolve to embrace market-driven reforms and create an enabling environment for private sector participation.

By leveraging international partnerships and financial support, Egypt aims to unlock the full potential of its transportation sector, enhance service delivery, and stimulate economic growth through increased investment and job creation.

As Egypt embarks on this transformative journey, all eyes are on the forthcoming international tender for airport management. Stakeholders eagerly anticipate the positive impact of privatization on the nation’s economy and infrastructure landscape.

 

This article was created using automation technology and was thoroughly edited and fact-checked by one of our editorial staff members

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