Minister of Planning, Economic Development & International Cooperation Attends Opening of German Pavilion and Holds Talks with German Counterpart to Strengthen Bilateral Relations
05 November 2024
During the World Urban Forum (WUF) in Cairo:
Minister of Planning, Economic Development
& International Cooperation Attends Opening of German Pavilion and Holds
Talks with German Counterpart to Strengthen Bilateral Relations
Minister Al-Mashat engages in discussions with the German Minister on enhancing cooperation in evidence-based economic development strategies.
Talks also focus on preparations for the upcoming Egyptian-German governmental negotiations in November, aimed at shaping the future of economic cooperation between the two nations.
During the events of the World Urban Forum
(WUF), held in Cairo from November 4 to 8 under the patronage of H.E. President
Abdel Fattah El-Sisi, and under the theme "It All Starts at Home: Local
Actions for Sustainable Cities and Communities," H.E. Dr. Rania A.
Al-Mashat, Minister of Planning, Economic Development, and International
Cooperation, participated alongside Mr. Niels Annen, Minister of State at the
German Federal Ministry for Economic Cooperation and Development, in the
inauguration of the German pavilion.
In the same context, Al-Mashat held a
bilateral discussion session with Mr. Annen. At the outset, she welcomed the
German delegation to the World Urban Forum, emphasizing that the forum provides
an invaluable opportunity to enhance collaboration among nations and address
the urban development challenges faced by cities around the world.
The Minister presented the “Framework for
Sustainability and Financing for Economic Development”, recently launched by
the Ministry to drive qualitative, sustainable, and inclusive economic growth
as part of the government's 2024-2027 program. This framework is built around
three core pillars: Firstly: Formulating
Data-Driven & Evidence-Based Economic Development Policy informs
educated discussions about the needs and opportunities in areas such as human capital, industrial development, SMEs,
technology, entrepreneurship, sustainable infrastructure, green investments,
among others, while ensuring robust monitoring and evaluation mechanisms to
track progress and optimize outcomes; Secondly: Building a Future-Resilient
Economy advances macroeconomic stability through the implementation of
structural reforms to foster economic
competitiveness, macro-fiscal resilience and the green transition; and Thirdly:
Optimizing Resource Allocation by adopting an integrated national financing
framework that mobilizes domestic and international financing, thus allocating
resources to priority sectors and supporting SDG acceleration.
H.E. also highlighted the ongoing cooperation
between Egypt and Germany in the realm of economic development policies and
their effective collaboration in renewable energy and energy efficiency. This
partnership was notably represented in the political declaration issued by the
governments of Egypt, Germany, and the United States in November 2022 during
COP27, where the German government pledged €258 million in concessional
financing, debt swaps, and grants to support the energy pillar of Egypt's NWFE
program.
They also reviewed the progress made under the
framework of the agreement, particularly regarding the financing agreement for
the electricity transmission project within the energy pillar of the NWFE
program. The project, valued at €54 million and facilitated through the debt
swap mechanism, aims to increase the use of renewable energy, reduce greenhouse
gas emissions, and support Egypt’s transition to a green economy. The two
ministers also discussed updates on the new phase of the Egyptian-German debt
swap program.
Additionally, the meeting featured discussions
on the ongoing preparations for the upcoming Egyptian-German governmental
negotiations, scheduled for the end of November in Berlin. These negotiations,
to be led by the Egyptian Minister of Planning, Economic Development, and
International Cooperation alongside the German Minister of Economic Cooperation
and Development, aim to identify priority projects for the fiscal years
2024-2026.
In closing, the Minister highlighted Egypt's
“Integrated National Financing Strategy”, launched at UNGA79 in New York. This
strategy provides a comprehensive national financing framework designed to
foster inclusive economic development. It also features a flexible structure,
allowing it to adapt to economic shifts while promoting private sector
participation. Furthermore, the strategy marks a shift from traditional
financing mechanisms to a more holistic framework, helping bridge development
financing gaps and support long-term sustainable growth.