H.E. Dr. Rania Al-Mashat Discusses Economic Partnership with EU Official, Prepares for €4 Billion Macro-Financial Assistance Phase II

H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, held a virtual meeting with Ms. Elena Flores, Deputy Director-General of the European Commission and Head of International Economic and Financial Relations. The meeting, which included representatives from key European Commission departments, focused on the economic component of the Egypt-EU Strategic Partnership. Discussions centered on preparations for Phase II of the Macro-Financial Assistance (MFA) program, amounting to €4 billion, as well as the structural reforms to be implemented under this phase.

 

H.E. Dr. Al-Mashat began the meeting by extending her gratitude to Ms. Flores for the European Commission’s intensive efforts over the past year, which have significantly advanced the Egypt-EU partnership. She highlighted the successful implementation of Phase I of the MFA program, including the ministry’s coordination with national stakeholders and European counterparts to complete agreed structural reforms within the specified timelines. She emphasized the continued commitment to fostering deeper economic collaboration between Egypt and the European Union.

 

The minister outlined the ministry’s ongoing efforts to monitor the implementation of Egypt’s national economic and structural reform program in collaboration with relevant ministries, national institutions, and international development partners. This program, she noted, aims to attract budgetary support financing to facilitate key structural reforms. H.E. Dr. Al-Mashat underscored that reform is a continuous process, designed to adapt to both domestic and global economic changes, enable private sector growth, enhance competitiveness, and improve the overall business climate. She also highlighted the government’s focus on achieving macroeconomic stability, advancing the transition to a green economy, and unlocking future opportunities for sustainable and inclusive development.

 

During the meeting, H.E. Dr. Al-Mashat reviewed the achievements of Phase I of the MFA program, during which the European Union provided €1 billion in concessional financing to support structural reforms that bolster private sector growth in Egypt. She elaborated on the extensive coordination between nine national entities and European partners to ensure the effective implementation of these reforms. The minister emphasized that the ministry is committed to maximizing the benefits of investment guarantees, working closely with both public and private sector stakeholders to set priorities and capitalize on available resources.

 

She stressed that supporting the implementation of structural reforms remains a cornerstone of the ministry’s work, facilitated through strategic partnerships with multilateral and bilateral development partners. These reforms, she added, play a critical role in building a competitive, investment-friendly economy, driving private sector participation, and accelerating sustainable economic development.

 

H.E. Dr. Al-Mashat also reiterated the importance of aligning reform efforts with Egypt’s broader development agenda, which prioritizes enhancing economic resilience, fostering innovation, and creating opportunities for inclusive growth. She highlighted that these objectives align with global trends and the shared goals of the Egypt-EU Strategic Partnership.

 

The minister concluded by reaffirming Egypt’s commitment to strengthening its partnership with the European Union, which encompasses a comprehensive financial package. This package addresses six key priorities: enhancing political relations, promoting economic stability, fostering trade and investment, improving migration and mobility frameworks, advancing security cooperation, and supporting human-centered initiatives such as skills development and education.

 

The meeting served as an important milestone in preparing for the next phase of Egypt-EU economic cooperation, reflecting the shared vision of both sides to achieve sustainable development and economic progress.