H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, discusses with the European Union delegation the priorities for the upcoming phase within the framework of the strategic partnership between both sides.

●      Dr. Al-Mashat emphasized the government's commitment to governance and enhancing the efficiency of investment spending to bolster macroeconomic stability, and advancing international partnerships to implement structural reforms.

●      A common framework with the European Union was established to activate a €1.8 billion investment guarantee mechanism, aimed at stimulating local and foreign investments in mutually beneficial sectors.

●      Discussions focused on implementing outcomes from the Egyptian-EU Investment Conference and projects under the "NWFE" program to drive green transformation efforts in Egypt.

●      The Minister highlighted significant progress in Egyptian-EU cooperation, expressing readiness for further collaboration to support economic development efforts and increase investments.

●      Enhancing human capital and expanding economic empowerment programs for youth and women are key priorities under the cooperation framework with the European Union.

 

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, convened a meeting with Ambassador/Simon Mordue, Deputy Secretary-General of the European External Action Service (EEAS), in the presence of Ms. Antonia Zafeiri, Head of the Political Section at the EU Delegation. The meeting included follow-up on the implementation of agreements from the Egyptian-European Investment Conference held last month and discussions on establishing a joint framework with the EU to activate a €1.8 billion investment guarantee mechanism to stimulate local and foreign investments in mutually beneficial sectors. Development cooperation relations were also discussed within the framework of implementing the national platform for the "NWFE" program, linking water, food, and energy projects.

 

At the outset of the meeting, H.E. Dr. Al-Mashat welcomed EU officials, affirming the depth of Egyptian-EU relations reflecting strong historical ties between both sides. She pointed out the recent significant developments in these relations, particularly elevating the partnership level during the Egyptian-European Summit held in March, underscoring substantial opportunities for joint work to enhance development efforts focusing on mutual areas of interest.

 

The meeting reviewed the successful convening of the Egyptian-EU Investment Conference, which witnessed the signing of numerous joint investment agreements involving European private sector companies. H.E. Minister Al-Mashat stressed the importance of building on this momentum and advancing Egyptian-EU partnership to meet development requirements in the coming phase, supporting Egyptian state efforts to empower the private sector, increase local and foreign investments, and proceed with economic and structural reforms. Discussions also covered cooperation with the European Union in enhancing human development efforts and implementing economic empowerment programs for youth and women, top priorities under the government's new agenda.

 

In this context, H.E. Minister Al-Mashat clarified that the government, through its new program, aims to achieve several objectives enabling the Egyptian economy to confront challenges and embark on new horizons. H.E. Dr. Al-Mashat emphasized the government's determination to govern and enhance the efficiency of investment spending to bolster macroeconomic stability, adding that the Ministry of Planning, Economic Development, and International Cooperation coordinates with development partners, including the EU, to implement structural reforms ensuring macroeconomic stability.

 

H.E. Dr. Al-Mashat highlighted the importance of investment guarantees provided by the European Union to encourage private sector investments in various priority projects such as renewable energy, green hydrogen, food security, digital transformation, among others. H.E. Dr. Rania Al-Mashat noted efforts to strengthen discussions with other development partners to expand investment guarantees that enhance state priorities in attracting local and foreign investments and increasing private sector participation in development efforts.

 

The Minister of Planning, Economic Development, and International Cooperation also affirmed the diversification of economic cooperation mechanisms with the European Union in various priority areas for both sides. H.E. Minister Al-Mashat emphasized the EU's role as a partner in implementing the national platform for the "NWFE" program, which links water, food, and energy projects, enhancing Egypt's efforts towards green transformation within the framework of the National Strategy for Climate Change 2050. Besides the EU, European institutions represented by the European Investment Bank and the European Bank for Reconstruction and Development play a vital role in mobilizing investments and blended finance for private sector investments across various program axes. Additionally, bilateral cooperation with several European countries, including Germany, enables debt swap programs for climate action.

 

H.E. Dr. Al-Mashat mentioned that over the past years, under the "Team Europe"  initiative, investments and financing totaling $12.8 billion have been mobilized from European governments and institutions for both government and private sectors. H.E. Minister Al-Mashat emphasized the potential for furthering the bilateral relationship based on developmental priorities and shared interests, particularly following the convening of the Egyptian-EU Investment Conference and the elevation of relationship levels, to support economic development efforts and increase investments.

 

In another context, discussions during the meeting referred to the fourth round of high-level dialogue on migration between Egypt and the EU recently hosted by the Ministry of Migration, involving representatives from the Ministry of Planning, Economic Development, and International Cooperation. The dialogue focused on Egypt's efforts to combat illegal migration and host millions of migrants and guests. In this regard, H.E. Minister Al-Mashat highlighted the implementation of several programs supporting Egypt's guests and migrants through various initiatives, noting the visit to Caritas Egypt Center, which was established in collaboration with the United Nations to improve living conditions and provide educational programs and social protection mechanisms for these families.