Minister of Planning, Economic Development, and International Cooperation Meets European Development Partners during the World Economic Forum Annual Meeting

Dr. Rania Al-Mashat:

 

Egyptian-European relations are witnessing significant development, and we are working to finalize the second phase of the Macro-Financial Assistance (MFA) Mechanism and Investment Guarantee Mechanism for the private sector.

 

 EBRD's investments in the private sector reached its highest rate in 2024 at 98%.

 

We continue to coordinate with the European Bank to mobilize innovative financing to implement the energy pillar of the "NWFE" program with a capacity of 10 GW.*

 

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, held bilateral meetings with representatives of the European Commission and the President of the European Bank for Reconstruction and Development during the World Economic Forum Annual Meeting held in Davos, Switzerland.

 

European Commissioner for International Partnerships

 

The Minister of Planning, Economic Development and International Cooperation met with Jozef Síkela, Commissioner for International Partnerships at the European Commission. The two sides reviewed enhancing the implementation of the Egyptian-European strategic partnership and the ongoing development cooperation programs. Additionally, they discussed moving forward with the implementation of the partnership terms outlined in the joint declaration launched during the summit between H.E. President Abdel Fattah El-Sisi President of the Arab Republic of Egypt and Ms. Ursula von der Leyen, President of the European Commission, last year, especially at the level of MFA, budget support, and investment guarantees.

 

The Minister praised the partnership with the European side and its diversity at the level of countries and financial institutions, highlighting its positive impact on achieving development in various fields. She noted that the upcoming period will witness more aspects of joint cooperation in connection with the priorities of both sides, particularly at the level of renewable energy, sustainable infrastructure, water and others.

 

European Bank for Reconstruction and Development (EBRD)

 

H.E. Dr. Rania A. Al-Mashat held a meeting with Ms. Odile Renaud-Basso, President of the European Bank for Reconstruction and Development (EBRD). The meeting touched on the outcomes achieved in 2024 within the framework of the EBRD's role as a key development partner in the energy pillar within the "NWFE" program. The two parties reviewed the efforts made in coordination with the ministry to mobilize development financing for local and foreign private sectors to contract renewable energy projects with a capacity of 4,200 megawatts.

 

H.E. Dr. Rania A. Al-Mashat also commended the efforts of the EBRD in enhancing local and foreign private sector investments by providing development financing and injecting investments, with 2024 witnessing the highest level of EBRD investments to the private sector with 98% of the total investments, pointed out that working on continuous coordination with the Bank to mobilize innovative financing to implement the energy pillar of the "NWFE" program with a capacity of 10 gigawatts.

 

H.E. Minister Al-Mashat explained that the partnership with the EBRD represents a model for multilateral international collaboration and development financing. Since Egypt has become a full operational country, it became able to open the avenues for cooperation with the Bank, to exceed investments in both the public and private sectors since 2012, amounting to approximately € 13.8 billion. It’s worth noting that Egypt ranks the first as an EBRD operational country in the South and East Mediterranean region for the past seven years.a