During the 13th Egyptian-Kuwaiti Joint Committee in Cairo: H.E. Dr. Rania A. Al-Mashat: The government is keen to encourage attracting Kuwaiti and foreign investments by supporting macroeconomic stability and implementing structural reforms

During the committee’s work, H.E. the Minister of Planning, Economic Development and International Cooperation signs a memorandum of understanding for scientific and technical cooperation with the Kuwaiti side

Al-Mashat highlights efficient cooperation with the Kuwait Fund for Arab Economic Development (KFAED) and Arab financial institutions in developing the Sinai Peninsula, and the available opportunities for enhancing partnerships.

Al-Mashat: Strengthening joint coordination with Kuwait and the Arab Coordination Group (ACG) in international forums to support efforts to structure the global financial system

 

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, participated in the 13th session of the Egyptian-Kuwaiti Joint Committee in Cairo, headed by Dr. Badr Abdel Aati, Minister of Foreign Affairs, Immigration and Egyptian Expatriates Affairs, and H.E. Mr. Abdullah Ali Al-Yahya, Minister for Foreign Affairs of Kuwait, reviewed the joint work in planning, economic development and international cooperation.

 

During the committee’s work, the Minister of Planning, Economic Development and International Cooperation signed an executive program for the scientific and technical cooperation agreement with Kuwait.

 

In her speech, H.E. Dr. Rania A. Al-Mashat pointed out the importance of partnerships, including the cooperation with Kuwait, in terms of bridging the gaps in the infrastructure supporting development, especially in diverse governorates. H.E. pointed to the important role of the Kuwait Fund for Arab Economic Development (KFAED) in supporting the Egyptian economy and enhancing its competitive capabilities, as the number of projects financed by the KFAED in all sectors and regions amounts to 54 projects, worth $3.5 billion.

 

She also discussed the government's efforts in structural reforms through three key pillars: Building Macroeconomic Stability, Enhancing Economic Competitiveness & Improving the Business Environment, and Supporting the Green Transition.

 

 

 

Building Macroeconomic Stability, Enhancing Economic Competitiveness & Improving the Business Environment, and Supporting the Green Transition

 

Al-Mashat also pointed out H.E. President Abdel Fattah El-Sisi’s commitment  in having the support of Arab funds in development programs of the Sinai Peninsula and other projects, such as the Decent Life Initiative “Hayah Karima”.

 

Al-Mashat stressed that work is being done through the KFAED and other funds in Kuwait to coordinate efforts in international forums in line with the objectives of financing development and reforming the global financial structure, especially through the Arab Coordination Group in which the fund also participates’.

 

H.E. The Minister of Planning, Development and International Cooperation said that Egypt is one of the largest countries of operations in the World Bank Group (WBG), noting the coordination of efforts and visions with the bank, not only at the level of achieving the goals of Egypt's Vision 2030, but also at the level of developing and emerging countries in line with the priorities of the Egyptian state, and therefore it is necessary to coordinate cooperation with developing countries in the region and the world in a way that enhances international development efforts.

 

Al-Mashat stated the importance of moving forward to benefit from the diverse opportunities available for cooperation between the two countries in various fields, and the Minister applauded the efforts made by experts from both sides in preparing for this committee.

 

In a related context, H.E. noted the potential of drafting an MoU  for cooperation in the field of planning, sustainable development, capacity building and international cooperation between the Ministry of Planning, Economic Development and International Cooperation and the Kuwaiti side.

 

The cooperation between the two countries began in 1980, resulting in a diverse development cooperation portfolio across many fields, the most important of which are the Sinai Peninsula Development Program projects, in addition to grants and technical assistance worth about $50 million.