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Alexandria Business Association (ABA) and the Ministry of Planning and Economic Development of Egypt (Planning) have signed a cooperation protocol on green recovery in the private sector. On last 27^th of May, both institutions came to an agreement on strengthening the partnership between the public and private sector and to achieve consistency between investment objectives and global standards. The main goal behind the signature is to ensure environmental sustainability and green recovery, pointing to the launch of the ‘Standards manual’ on this topic launched by Planning.

Sherif El Diwany, Project Manager in ABA under the GIMED project, said that the transformation of the Egyptian economy towards a green business model in order to preserve resources is an urgent necessity imposed by global markets, which emphasize the importance of preserving natural resources, protecting ecosystems, and transforming production and consumption patterns towards sustainable models. “It is expected that the partnership with the Ministry of Planning and Economic Development will initiate an expanded dialogue with the private sector, relevant government agencies, and experts”, states El Diwany. In this line, GIMED is enhancing this transformation towards green business models under the EU-funded programme ENI CBC MED.

This agreement will make organizations agree on the sustainability standards that should be observed in the activities of the private sector and to define mechanisms for measuring progress in implementing these standards. It will also bring agreements on priority sectors, achievements of green investments and identification of structural reforms and financial policies to stimulate private sector’s shift towards green investment.

Representatives who were in the signature of the cooperation protocol were:

• Dr. Hala Al-Saeed, Minister of Planning and Economic Development
• Dr. Moni Essam, Head of the Sustainable Development Unit
• Mohamed Hano, Acting Chairman of the Association's Board of Directors
• Dr. Jamil Helmy, Assistant Minister of Planning for Follow-up Affairs of the Sustainable Development Plan
• Hisham Abu Ala, Vice Chairman of the Board of Directors for Foreign Affairs at the Alexandria Businessmen Association
• Sherif El Diwany, Project Manager of ABA under GIMED

Dr. Hala Al-Saeed emphasized that the signing of the protocol came in the interest of the Ministry of Planning and Economic Development and the Alexandria Businessmen Association to strengthen the partnership between the public and the private sector and to achieve consistency between investment objectives and global standards to ensure environmental sustainability and green recovery.

She added: "The strategic framework for green recovery, during the current year, has become essential. We aim at greening the state's investment plan, preserving natural resources, protecting environmental systems, in addition to transforming production and consumption patterns towards a more sustainable pattern”. Al-Saeed also explained that the protocol aims to strengthen cooperation between its two parties with the aim of creating an environment that encourages the private sector to green transformation and invest in more sustainable areas.

Al-Saeed pointed out that in order to achieve sustainable development it requires cooperation between civil society, universities, research centers and others to enhance efforts and achieve sustainable economic growth, which confirms the importance of concerted efforts of various actors in the country. She underlined that Planning prepared guidelines to environmental sustainability standards and launched the first edition this year 2021 under the name “The strategic framework for green recovery”.

A better and greener life for future generations

In words of Mohamed Hanno, Acting Chairman of the Board of Directors, the protocol aims to advance the greening of private investments similar to the sectors that have been committed by the international community. “The methods that are produced and consumed today cause serious damage to natural ecosystems and threaten the depletion of many natural resources that we depend on”, he said.

This protocol also exposes the opportunities for future generations to achieve a decent life and prosperity free of danger. In this sense, ABA believes that it’s necessary for this important public trend to be accompanied by similar parallel trends in private investments. El-Diwany stressed that there are many opportunities and challenges for the transition to a greener economy, adding that ABA is completely aligned with the policies adopted by the Ministry of Planning to double the percentage of public investments committed to the green transformation of the 2021/2022 plan and to gradually increase it.