CAIRO - 10 December 2024: Egypt’s Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, met with a European Union delegation representing all 27 member states to discuss boosting strategic investment partnerships aimed at advancing Egypt’s economic development.
Al-Mashat described the EU as a “strategic partner” for Egypt, emphasizing their joint efforts in areas like food security, renewable energy, and digital transformation. She highlighted the EU's vital role in Egypt's development through a €1.3 billion cooperation portfolio, which includes grants and blended financing.
This meeting follows the landmark Egyptian-European summit in March, where President Abdel Fattah El-Sisi and European Commission President Ursula von der Leyen signed a strategic partnership agreement. The agreement aligns development projects with Egypt’s priorities, including sustainable investments, energy, water, food security, and climate change, with a €7.4 billion financial package from the EU. This package includes €5 billion in budget support, €1.8 billion in investment guarantees, and €600 million in grants.
Al-Mashat also discussed Egypt’s efforts to attract foreign investments, focusing on structural reforms and innovative financing mechanisms. She highlighted the success of the first phase of the €1 billion Macroeconomic Financial Assistance (MFA) program, which supports economic stability through reforms.
The minister presented a report titled “A Shared Development Vision for Progress and Prosperity,” outlining $12.8 billion in EU cooperation from 2020 to 2023, with $7.3 billion in public sector investments and $5.5 billion in private sector financing.
The meeting also emphasized Egypt’s innovative initiatives, such as the NWFE platform launched during COP27, which aims to attract climate investments in water, energy, and sustainable transport. The platform has received praise from multilateral development banks.
The EU delegation included experts from the European Council’s CODEV-PI and RELEX-HQ teams, as well as diplomats from countries like Germany, France, Italy, and Poland. The discussions focused on key areas of collaboration, including macroeconomic support, budgetary assistance, and future joint projects.
Al-Mashat also highlighted Egypt’s growing focus on green hydrogen production, aiming to collaborate with European financial institutions and leverage technical expertise. She mentioned successful debt swap agreements with Germany and Italy and ongoing negotiations with China for similar initiatives.
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