CAIRO - 19 January 2025: Minister of Planning and International Cooperation Rania Al-Mashat met with Elena Flores, Deputy Director-General of the European Commission, to initiate preparations for the second phase of the €4 billion Macro-Financial Assistance program.
This program is designed to address Egypt’s budget deficit and advance key economic structural reforms.
Al-Mashat highlighted Egypt’s collaboration with nine national entities, ministries, and the European Union during the program’s first phase, which provided €1 billion in concessional financing to support reforms aimed at fostering private sector growth.
During the discussions, the minister outlined her ministry’s role in overseeing the implementation of Egypt’s National Economic and Structural Reform Program.
This effort involves working closely with relevant stakeholders and international development partners to secure budget support for vital structural reforms.
She emphasized that reform is a continuous process, essential for adapting to domestic and global economic shifts.
Key goals include expanding private sector involvement, boosting competitiveness, enhancing the business environment, stabilizing the macroeconomy, and transitioning to a green economy to promote sustainable development.
Regarding the second phase of the program, Al-Mashat stressed the importance of maximizing returns from investment guarantees and educating national entities and the private sector on leveraging these guarantees to prioritize development initiatives.
The European financial package, a cornerstone of the strategic partnership between Egypt and the European Union, focuses on six shared priorities: strengthening political relations, promoting economic stability, encouraging investment and trade, improving migration and mobility frameworks, and enhancing security.
Comments
Leave a Comment