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Prime Minister Opens 3rd PPP Investment Summit 2015

Prime Minister Opens 3rd PPP Investment Summit 2015

Prime Minister Eng. Sherif Ismael opens on Monday, October 19 the 3rd PPP Investment Summit in Egypt, with the participation of the economic group ministers including: Finance, Investment, Planning and Administrative Reform, Supply and Internal Trade, Transportation, Local Development, International Cooperation, Commerce and Industry, Communications and IT, in addition to Field Marshall Mohab Mamesh, Head of Suez Canal Authority, and a large number of CEOs and representatives of multinationals interested in investing in the Egyptian market.

Also a number of delegations from large investment banks such as the World Bank, European Bank for Reconstruction and Development, and African Development Banks in addition to the IFC and European Investment Bank, Alexandria Sao Paolo Bank, Housing and Development Bank, and QNB Alahli.

Atter Hannoura, Director of the PPP Central Unit in the Ministry of Finance, said that the conference will take place over the course of two days, and will witness the announcement of a bundle of investment projects that will be tendered within the system of public and private sector collaboration throughout the financial year of 2015/2016 and 2016/2017.

The number of projects will range between 19 or 20 projects with an investment of more than USD 4 billion, distributed over various sectors including IT, transportation, industry, sports, energy, and infrastructure, such as building sea water desalination plants and fixing the sewage system.

He also stated that the summit is a chance to showcase developments witnessed by the Egyptian market and to exchange experiences between the private sector in Egypt and other countries, in addition to proposing investment opportunities available in the Egyptian market and discussing financing methods that investment banks are offering while participating in the conference whether through projects or feasibility studies.

Hannoura also stated that through the summit, the collaboration goals and methods will be shown along with its positive effects in reducing the pressure on the country’s balance sheet, in addition to facilitating the implementation of infrastructure projects the country needs.

He also said that the participation system helps in facilitating development projects that are crucial for the national economy. It will also assist in activating the finance sector and business market, which helps in providing more working opportunities and lowering unemployment rates.

Hannoura added that utilizing this system by the government helps to implement public service projects and take part in providing better quality services to the people without affecting prices, which are controlled only by the government, as its role transforms from being the main service provider to being the auditor of private sector’s performance while providing the service.

He also pointed out that the citizen plays an integral role in pushing this system forward through his monitoring of the quality of service provided by those projects, which gives him the right to complain to public entities, which audit the companies running the projects and force them to provide better services and maintenance.

As for the conference agenda, Hannoura explained that 5 main sessions will be held, the highlight of which is the session discussing the Suez Canal Corridor development, the second is concerning the tools and mechanisms of financing projects, the third will discuss law-making mechanisms for participation projects, and a number of Egyptian, Regional, and International law offices are invited to exchange experiences and solve problems that might face investors when applying to the PPP system.

He added that the 4th session concerns finance mechanisms for private sectors’ projects, while the 5th is dedicated to private sector companies to ask any questions or to share suggestions concerning the PPP system.

Hannoura confirmed that before tendering any project, the unit carries out feasibility studies covering technical, financial, legal, and environmental aspects; this is carried out in cooperation with the professional experts around the world. These studies are financed by funding entities that are fully convinced with the achievements and the adamant efforts carried by the unit in following a scientific approach, in addition to the political support PPP receives.

Hannoura added that Egypt acquires around 60 to 70 percent of technical grants provided to PPP in the Middle East. This is because of its readiness to carry out projects and because it has a special law for PPP that has been praised by specialized international entities, and also the participation unit has projects that are tendered, signed, and implemented already.

He assured that Egypt is one of the countries that have a vast experience in private sector participation and a number of neighboring countries turn to Egypt to gain more experience in forming legislations for PPP in addition to helping in building units to supervise projects.

The conference is sponsored by Orascom Telecom, Ernst and Young, Huawei, and QNB Alahli, the official bank sponsor is, and is organized by IQPC.

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