Egypt’s Int’l Min. participates in Virtual Egypt Week, reviews Egypt’s key principles of economic diplomacy

CAIRO – 9 November 2020: Egypt’s key principles of economic diplomacy are multi-stakeholder platforms, Sustainable Development (SDG) mapping, and global partnerships narrative, Minister of International Cooperation Rania Al-Mashat said Tuesday. 

This came during Al-Mashat’s participation in Shifting Mindsets through Economic Diplomacy session at Virtual Egypt Week event which takes place from Nov. 9 till Nov. 12. Participants in the session were EBRD's First Vice President and the Head of its Client Services Group Jürgen Rigterink and the Chief Economist of the Asian Infrastructure Investment Bank (AIIB) Erik Berglöf.

The minister clarified that multi-stakeholder platforms are to basically provide stronger partnerships through regular interactive and participatory consultations with all development partners.

She added that SDG mapping works on monitoring the progress and contribution of development cooperation projects with the UN Sustainable Development Goals (SDGs).

As for the third principle, she noted that it depends on three axes which are: People, Projects, and Purpose (P&P&P), aiming to showcase successful development stories to mobilize and create awareness, as well as communicate with partners and other stakeholders in society to achieve sustained development.

The minister referred to Egypt’s growth rate despite the recession caused by COVID-19 pandemic, referring to the expectations for Egypt to hit 5 percent growth rate during 2021.

She also clarified that 30% of all investment projects to be environmentally sustainable to support a green recovery.

Al-Mashat stated that Egypt has recently issued green bonds aiming to gather $500 million, which resulted in gathering $750 million.

Moreover, the minister talked about their focus on green recovery, digital transformation, and women empowerment, referring to the launch of the Gender Accelerator Gap, which is a platform aimed at achieving women's economic empowerment, through close cooperation between the public and private sectors, the first of its kind in the Middle East and Africa.

Egypt’s first Virtual Business Week event kicked off on Monday, Nov. 9. It will last for four days till Nov. 12.

The event is organized by the Egyptian British Business Association BEBA and the Egyptian-British Chamber of Commerce (EBCC) in cooperation with the Embassy of the Arab Republic of Egypt in the United Kingdom and the Department of International Trade (DIT).

DIT is a part of the U.K. government that works on helping businesses export and grow into global markets.

The event will discuss the green economy file and ways Cooperation between Egypt and the United Kingdom in this regard and deepening trade, economic and investment relations between the two countries.