Minister of Planning, Economic Development and International Cooperation Holds Intensive Bilateral Meetings with Government Representatives, Development Partners, and International Institutions

During the Fourth International Conference on Financing for Development..

 

Minister of Planning, Economic Development and International Cooperation Holds Intensive Bilateral Meetings with Government Representatives, Development Partners, and International Institutions

 

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, held intensive bilateral meetings with multilateral and bilateral development partners and government representatives during the Fourth International Conference on Financing for Development (FfD4), which took place in Seville, Spain.

 

 

European Commission

 

H.E. Dr. Rania Al-Mashat discussed with Mr. Jozef Síkela, European Commissioner for International Partnerships, the developments in the Egyptian-European strategic partnership, especially regarding the €4 billion macroeconomic assistance and budget support mechanism, and the €1.8 billion investment guarantees mechanism, which was activated this year to boost investments and increase available guarantees from international institutions.

 

 

Spanish Minister of Economy

 

The Minister of Planning, Economic Development and International Cooperation met with Mr. Carlos Cuerpo, Spanish Minister of Economy.

H.E. Dr. Al-Mashat emphasized the importance of the FfD4, considering it a crucial moment for the international community to fulfill its commitments towards implementing the Sustainable Development Goals, particularly after the successive crises facing the world, which undermine the ability of developing and emerging countries to meet their development path requirements.

 

H.E. Minister Al-Mashat highlighted the significance of the "Seville Platform for Action," which aims to achieve a qualitative leap in development finance and climate action methodologies. It focuses on empowering countries to lead their own national financing strategies, coordinating to link national plans with practical funding, expanding the scope of national integrated financing frameworks, and launching a global financing guide to direct international support towards each country's priorities.

 

H.E. Dr. Al-Mashat noted that with the slowdown in development in many countries due to limited fiscal space, implementing the recommendations and objectives of this conference has become a necessity to enable these countries to return to the right path and overcome the challenges they face.

 

 

World Bank and Multilateral Investment Guarantee Agency (MIGA)

 

H.E. Minister Al-Mashat also met with Mr. Axel van Trotsenburg, World Bank Senior Managing Director for Development Policy and Partnerships, and Mr. Hiroshi Matano, Executive Vice President of the Multilateral Investment Guarantee Agency (MIGA).

 

The meeting reviewed joint relations with the World Bank Group and its affiliated institutions, especially concerning private sector financing and expanding investment guarantees to stimulate local and foreign investments. She also pointed to the ministry's report, which monitors the volume of development financing for the private sector since 2020, exceeding $15.6 billion.

 

 

European Bank for Reconstruction and Development (EBRD)

 

H.E. Minister Al-Mashat met with Ms. Odile Renaud-Basso, President of the European Bank for Reconstruction and Development.

 

H.E. Dr. Al-Mashat affirmed the depth of relations between the Egyptian government and the bank in various fields, within the framework of the strategic partnership between the two sides.

Egypt is one of the bank's founding members and one of its largest countries of operation globally.

 

They also discussed the current and future cooperation portfolio between Egypt and the bank, and strengthening investment in private sector projects.

 

 

H.E. Minister Al-Mashat also pointed out the crucial role of multilateral development banks in supporting countries' efforts to achieve sustainable development through providing development financing, promoting knowledge transfer, and building institutional capacities.

 

H.E. Dr. Al-Mashat added that these banks contribute to stimulating investment in vital sectors such as infrastructure, energy, health, and education, thereby achieving comprehensive and sustainable growth. She further stated that in light of increasing global challenges, there is a growing need to enhance cooperation with these institutions to advance the development agenda and achieve common goals.

 

 

European Investment Bank (EIB)

 

The series of bilateral meetings included H.E. Dr. Rania Al-Mashat's meeting with Ms. Nadia Calviño, President of the European Investment Bank (EIB). The two sides reviewed progress in strengthening joint relations.

 

The Minister of Planning and Economic Development and International Cooperation reaffirmed that the EIB is one of the largest multilateral development partners for the Arab Republic of Egypt and a key member of the Team Europe Initiative, working to support a wide range of development projects in various vital economic sectors.

 

Al-Mashat emphasized that Egypt is the largest country of operation for the EIB outside Europe, and that the bank cooperates extensively with other multilateral and bilateral development partners to support and finance priority projects. This is clearly evident in the projects of the "NWFE" program country platform, where the bank is the main development partner in the "NWFE+" sustainable transport pillar.

 

 

Egyptian-Moroccan Relations

 

During the conference, H.E. Dr. Rania Al-Mashat met with Mrs. Nadia Fettah Alaoui, Moroccan Minister of Economy. They discussed strengthening economic cooperation between Egypt and Morocco through increasing joint investments, exchanging expertise in development finance, and regional integration.

 

H.E. Dr. Al-Mashat emphasized the depth of Egyptian-Moroccan bilateral relations, highlighting the significance of boosting relations in economic development and mutually benefiting from international partnerships, reflecting the depth of the fraternal and historical ties between the two countries and serving the interests of their peoples.

 

 

Egyptian-Italian Relations

 

H.E. Dr. Rania Al-Mashat's bilateral meeting agenda included a meeting with Mr. Edmondo Cirielli, Italian Deputy Minister of Foreign Affairs and International Cooperation.

The two sides discussed the development of Egyptian-Italian economic relations and ongoing development cooperation programs, notably the debt-for-development swap program.

 

 

United Nations Framework Convention on Climate Change (UNFCCC)

 

H.E. Dr. Rania Al-Mashat reviewed with Mr. Simon Stiell, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC), global economic developments and changes in the development finance landscape and their impact on international efforts to advance climate action and mobilize green investments.

She also discussed the ongoing preparations for COP30 in Brazil, and reiterated the need to strengthen the capacities of developing countries and enable their access to equitable climate finance, and the importance of encouraging national platforms that support development and climate action efforts.

 

 

Egyptian-Qatari Relations

 

H.E. Dr. Rania Al-Mashat met with H.E. Mrs. Maryam bint Ali bin Nasser Al-Misnad, Qatari Minister of Social Development and Family. They discussed the ongoing preparations for the upcoming Social Development Summit in Qatar, and the importance of reflecting the outcomes of the (FfD4) Conference on the working axes and research.

 

 

Organisation for Economic Co-operation and Development (OECD)

 

H.E. Minister Al-Mashat also met with Mr. Carsten Staur, Chair of the OECD Development Assistance Committee (DAC).

The two sides discussed the progress in joint relations within the framework of the Country Program, and its importance in advancing economic development efforts in Egypt.

They also reviewed the developments in global development cooperation efforts in light of current economic challenges and the trend of many countries to reduce development funding.

 

H.E. Dr. Rania Al-Mashat confirmed the necessity of strengthening partnerships with international financial institutions and multilateral development banks to attract investments, and the importance of development cooperation endeavors focusing more on technical support and financing project feasibility studies, as technical support and capacity building are fundamental pillars within development strategies.

 

 

Citibank

 

H.E. Dr. Rania Al-Mashat met with Mr. Jay Collins, Vice Chairman of Public Sector and Banking at Citigroup. Both sides reviewed the outcomes of the (FfD4) Conference, and the efforts being exerted to restructure the global financial system, and expand innovative financing mechanisms to advance financing for development efforts.

 

 

London School of Economics

 

H.E. Minister Al-Mashat also met with Lord Nicholas Stern, Chair of the Grantham Research Institute at the London School of Economics.

 

The two sides discussed developments in the global development finance landscape in light of many countries reducing their contributions to development financing, and the agenda of the (FfD4) Conference in Seville, and the importance of the "Sharm El Sheikh Guidebook for Just Financing" as one of the effective mechanisms and contributions to promoting equitable climate finance for developing countries.