H.E. Dr. Rania Al-Mashat Meets High-Level EU Delegation to Discuss Macro-Financial Assistance Implementation and Budget Support

The EU delegation held technical meetings with key ministries and national entities from October 1-3.

 

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, held a meeting with representatives from the European Commission delegation, headed by Annika Eriksgard, Director-General for Economic and Financial Affairs. This meeting marked a crucial step in discussing the implementation of the first phase of the Macro-Financial Assistance (MFA) program, a key component of Egypt’s economic partnership with the European Union. The discussions followed the successful completion of significant structural reforms, carried out in cooperation with national bodies, aimed at strengthening Egypt’s economy.

 

During the meeting, H.E. Dr. Al-Mashat expressed deep appreciation for the ongoing efforts and collaboration between the technical teams of the Ministry, relevant ministries, and the EU representatives. Over the last six months, these teams have worked closely to bring about structural reforms designed to stimulate private sector growth, improve Egypt’s economic resilience, and enhance the overall business environment. The reforms, facilitated through strong cooperation with the EU, are aligned with Egypt’s broader vision of promoting macroeconomic stability, boosting competitiveness, and fostering a transition toward a greener economy.

 

H.E. Dr. Al-Mashat emphasized that supporting the implementation of these structural reforms is a central objective of the Ministry’s work, especially through its partnerships with multilateral and bilateral development partners. These reforms are instrumental in enhancing the country’s attractiveness to foreign investments and furthering its sustainable and inclusive development goals. The collaboration between Egypt and the European Union has been a cornerstone of these efforts, allowing the government to leverage technical and financial assistance to meet its economic ambitions.

 

From October 1 to 3, the Ministry coordinated a series of technical meetings between the EU delegation and representatives of key national bodies to discuss the implementation of the MFA.

The delegation held meetings with the Cabinet and officials from the Ministries of Planning, Economic Development, and International Cooperation, Social Solidarity, Investment and Foreign Trade, Finance, Labor, and Electricity and Renewable Energy, as well as the Central Bank of Egypt.

 

The meetings culminated on Thursday with a final session involving representatives from the Egyptian Competition Authority, where discussions focused on ensuring a competitive market environment free from monopolistic practices, a critical factor for promoting private sector engagement in Egypt’s economy.

 

The Macro-Financial Assistance (MFA) program is part of a broader cooperation package signed in March 2024 between Egypt and the European Union, which underscores the strategic partnership between the two entities. The overall financial package amounts to €7.4 billion, with €5 billion allocated under the MFA mechanism to support Egypt’s economic reforms and reduce the budget deficit. The first tranche of the MFA was signed by H.E. Dr. Rania Al-Mashat during the Egypt-European Investment Conference held in June 2024.