Egypt, France sign 3 financing agreements worth €715.6M in December: Al-Mashat

CAIRO – 7 February 2021: Egypt and France inked three financing agreements  in December 2021 worth €715.6 million, according to Minister of International Cooperation Rania Al-Mashat.

Al-Mashat underlined the value of cooperation between Egypt and France and the mutual benefit it brings, as it contributes to supporting green recovery and complements national efforts to guarantee economic growth and the provision of universal social standards to their citizens in line with the 17 United Nations Sustainable Development Goals.

This came during A-Mashat’s meeting with a delegation from the French Treasury to follow up on the status of current projects and harness new opportunities in Egypt-France’s cooperation to provide development financing for green recovery, transportation, housing, sanitation, and health.

To improve collaborative governance and project monitoring, the meeting took place in the presence of Ambassador of France to Egypt Stéphane Romatet; Gabriel Cumenge, Deputy Assistant Secretary Ministry of Finance of France; Sébastien Raspiller, Head of Financial Sector Department of the French Treasury; Michel Oldenburg, Head of the French Economic Mission in Cairo; and Fabio Grazi, Director of the French Development Agency in Cairo.

The meeting comes following a visit of the French delegation to a number of Egyptian ministries, which helped identify the next steps to finalize potential agreements, in addition to charting new and different routes to future cooperation.

Engaging with key partners in areas of shared interest can advance our goals in reaching the SDGs, Al-Mashat stated, adding that there is a number of negotiations that were carried out with several authorities and ministries in Egypt a few days ago, during the visit of the French Delegation to Egypt in order to discuss the financing details.

These projects include cooperation with French university hospitals to provide technical evaluation and technical studies for the Ministry of Health, and technical cooperation with the French Blood Foundation EFS to develop plasma donation centers.

The Minister added that the projects targeted for financing also include the supply of 32 cars for the first line of the metro, in addition to 32 cars for the third line of the metro, the rehabilitation of 32 trains in the second and sixth lines of the metro, and the extension of the railway line from Cairo to Wadi Halfa, and the railway line with Libya, along with El Arish - Taba line, and the Safaga port.

To promote inclusive development and reshape Egypt’s economic geography, Al-Mashat noted that the discussions also touched on supporting national projects that aim to develop rural villages in Egypt with, particularly in regards to developing water infrastructure, aerial supervision, and construction.

Al-Mashat also praised the role of the French Development Agency in expressing keenness to finance markets in the governorates of Delta and Alexandria, as well as the Regional Energy Control Center in Alexandria, and the development of Al-Qasr Al-Aini Hospital, in addition to exploring opportunities for cooperation in digital communications.

The French delegation affirmed the strength of Egyptian-French relations and the success of the recent presidential visit that took place at the end of last year, adding that there are long-term plans to support the continuation of development projects in cooperation with several ministries, including the Ministries of Transport, Health, Civil Aviation and Housing.

Ministry of International Cooperation focuses on strengthening economic diplomacy through three main principles: regularly organizing multi-stakeholder platforms to ensure that all projects between development partners are streamlined and effectively coordinated; mapping ODA financing to SDGs for all projects with bilateral and multilateral development partners; and adopting a consistent Global Partnerships Narrative People&Projects&Purpose (P&P&P).

The history of cooperation between both countries dates back to 1974, with an economic cooperation portfolio worth €7.5 billion along with more than 42 signed protocols covering transportation, electricity, civil aviation, housing and utilities, health, agriculture and irrigation, micro, small and medium-sized enterprises, environment, antiquities, and Education, according to the ministry. The current cooperation portfolio between Egypt and France amounts to €1 billion.