H.E. Dr. Rania Al-Mashat Discusses Economic Partnership with EU Official, Prepares for €4 Billion Macro-Financial Assistance Phase II
18 January 2025
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.