Dr. Rania A. Al-Mashat meets with the Special Envoy of the President of the African Development Bank for the MENA and Gulf Region to discuss joint cooperation files

 

H.E. Al-Mashat: The government is committed to addressing economic challenges and enhancing macroeconomic stability

Envoy of the President of the African Development Bank: “Egypt plays a pivotal role in promoting the regional integration agenda and promoting trade and investment on the continent *

 

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, met with Mr. Jalel Trabelsi, the Special Envoy appointed by The President of the African Development Bank (AfDB) for the Middle East and North Africa (MENA) and Gulf Region, in the presence of Mr. Abdourahmane Diaw, AfDB Country Manager, to discuss aspects of joint cooperation as part of his first tour of the region’s countries after assuming his duties from the President of the African Development Bank.

 

They discussed the long-term partnership between Egypt and the AfDB, beginning in 1974, as the bank's development cooperation portfolio with Egypt witnessed increasing growth, reaching a total value of about $7.79 billion. The meeting also discussed the latest developments in the procedures and measures taken by the Egyptian government to overcome the global economic conditions during the past three years.

 

Al-Mashat reviewed the new government program announced in July 2024, which aims to enhance macroeconomic stability, support structural reforms that stimulate the private sector, build a competitive economy that attracts investments, in addition to moving forward with completing infrastructure and services projects, mitigating the repercussions of global economic conditions, and addressing challenges resulting from regional conflicts.

 

The Bank's Special Envoy applauded Egypt's pivotal role in promoting the continent's regional integration agenda, and taking important steps to enhance trade and investments in the continent. Egypt is also considered the main influencer on the continent and plays an effective role in resolving the regional crises witnessed in the region.

 

The Minister explained that Egypt is also committed to enhancing South-South and Triangular Cooperation. The Ministry launched its strategy for South-South and triangular cooperation in May 2023, in cooperation with the United Nations Development Program (UNDP), on the margins of the annual meetings of the AfDB in Sharm El Sheikh. They also discussed the Bank's involvement in supporting this framework, strengthening its activities and supporting the achievement of its objectives.

 

Al-Mashat pointed out Egypt's keenness to regularly contribute to the financial renewals of the AfDB’s resources since 2010, as a regional donor country in the last five general renewals (the 12th, 13th, 14th, 15th and ending with the 16th renewal), in support of the efforts of the least developed African countries on the continent.

 

The Minister of Planning, Economic Development and International Cooperation also highlighted the support that the bank can provide to the private sector in Egypt and ways of cooperation with the Hub for Advisory, Finance & Investment for Enterprises platform.