Minister of Planning, Economic Development, and International Cooperation Discusses Expanding Cooperation with Multilateral & Bilateral Development Partners at COP29 in Azerbaijan
16 November 2024
Minister Al-Mashat Holds Meetings
with Azerbaijan's Ministers of Digital Development, Transport, and Finance to
Discuss Preparations for the Joint Committee Meeting between the Two Countries
and Highlights Egypt's Commitment to Strengthen Partnerships in Trade,
Investment, and Private Sector Cooperation.
H.E. Dr. Rania A. Al-Mashat,
Minister of Planning, Economic Development, and International Cooperation, held
a series of bilateral meetings with development partners and government
officials during the COP29 Climate Conference in Azerbaijan.
Among the key meetings, H.E. Dr.
Al-Mashat met with Mr. Rashad Nabiyev, Azerbaijan's Minister of Transport and
Digital Development, as the two ministers co-chair the Egypt-Azerbaijan Joint
Committee for Economic, Scientific, and Technical Cooperation. Additionally,
H.E. held discussions with Mr. Samir Sharifov, Azerbaijan's Minister of
Finance, to explore avenues to further advance bilateral relations in a wide
range of development fields.
H.E. Dr. Al-Mashat extended her
congratulations to the Republic of Azerbaijan for hosting the COP29 Climate
Conference, highlighting the warm reception offered to the Egyptian delegation.
She emphasized that this conference is being held at a pivotal moment for
advancing global climate action efforts.
During these meetings, H.E. Dr.
Al-Mashat highlighted the robust and growing bilateral relations between Egypt
and Azerbaijan, stressing the importance of further strengthening economic ties
across multiple sectors.
Preparations for the 6th session
of the Egyptian-Azerbaijani Joint Committee, scheduled to be held in Egypt in
2025, were also discussed. The committee will be chaired by H.E. Dr. Al-Mashat
on the Egyptian side and by the Minister of Digital Development and Transport
on the Azerbaijani side. A draft protocol for this session will be shared with
Azerbaijan and will cover cooperation in key sectors, including renewable
energy, oil and gas, tourism, culture, higher education, health, youth and
sports, as well as trade and investment.
H.E. Dr. Al-Mashat also
acknowledged the successful visit of the President of Azerbaijan to Egypt in
June 2024, during which seven agreements were signed, encompassing areas such
as economic cooperation, digital transformation, youth and sports, electricity,
oil and gas, and investment promotion. She underscored the recent meeting
between the Prime Ministers of Egypt and Azerbaijan during the COP29
conference, emphasizing the strength of relations at all levels.
The discussions also touched on
enhancing trade exchange between the two nations, with a focus on increasing
Azerbaijani investments in Egypt, particularly in light of Egypt’s efforts to
boost industrial localization and encourage investments in the Suez Canal
Economic Zone. H.E. Dr. Al-Mashat highlighted Egypt's leadership in green
transformation, the empowerment of the private sector, and its growing role in
green hydrogen generation, providing opportunities for experience exchange with
Azerbaijan.
Organization for Economic
Co-operation and Development (OECD)
In addition to bilateral meetings
with Azerbaijani officials, H.E. Dr. Rania A. Al-Mashat met with Mr. Carsten
Staur, Chair of the OECD Development Assistance Committee (DAC), to explore
ways to deepen cooperation between Egypt and the OECD. Discussions focused on
new opportunities for joint work and strategic partnerships.
During the meeting, H.E. Dr.
Al-Mashat outlined the Ministry’s efforts to promote effective development
cooperation, particularly through the launch of an electronic system for
managing and monitoring projects funded by development partners. She also
highlighted Egypt’s ongoing efforts to enhance South-South cooperation, noting
the Ministry’s commitment to improving governance structures for development
projects and sharing lessons learned with partner countries across Africa and
Latin America.
The Minister commended the strong
partnership between Egypt and the OECD, noting the role of the organization in
supporting structural reforms and evidence-based policy development through
diagnostic reports on various economic sectors in Egypt, as well as potential
meetings upcoming in the 4th International Conference on Financing for
Development.
Just recently, H.E. met with the OECD Deputy
Secretary-General to discuss cooperation with the organization regarding the
implementation of the country program, and efforts to enhance structural
reforms and encourage evidence-based policies through diagnostic reports issued
by the organization on many economic sectors in Egypt.
H.E. Dr. Al-Mashat highlighted
key joint initiatives with the OECD, including the Sharm El-Sheikh Guidebook
for Just Financing, which presents scalable investment models for climate
mitigation and adaptation projects that generate economic returns from clean energy,
decarbonization, resource efficiency, and adaptive measures. The guide also
emphasizes innovative financing tools, such as blended finance, to reduce
investment risks in developing countries and scale up climate investments.
The Minister also pointed to the
Resilience Monetization and Credit Initiative (RMCI), a project developed in
collaboration with the International Fund for Agricultural Development (IFAD),
Duke University, and the NDC Partnership. This initiative seeks to develop
innovative financial models that mobilize investment for climate-resilient
development, particularly in the agricultural sector, by accurately measuring
resilience and translating economic benefits into credit opportunities. If
successful, this model could be applied to other sectors