Ministry of International Cooperation
She emphasized the importance of unlocking the sector’s vast potential by engaging the private sector and welcomed the IFC's expertise in this domain.
The discussions focused on expanding the cooperation portfolio and exploring new areas aligned with Egypt's governmental priorities.
Al Mashat presented the country’s recent economic and structural reforms, emphasizing the government's efforts to strengthen macroeconomic stability, enhance the business environment, and build a competitive, investment-friendly economy.
Held on the sidelines of the WB annual meetings in Washington on Thursday, their meeting discussed private sector financing, capital market development, and restructuring the global financial system.
A key focus of the meeting was on entrepreneurship, with Al-Mashat introducing Egypt's new Entrepreneurship Taskforce, aimed at supporting startups and creating a favorable business environment for this dynamic sector
Highlighting the alarming rise in debt levels among developing nations, she explained that this was exacerbated by soaring debt servicing costs that limit fiscal space for achieving sustainable development goals
On his first visit around the region since his appointment, Jalel Trabelsi, the Special Envoy of the African Development Bank (AfDB), praised Egypt's crucial role in advancing the continent's regional integration agenda and fostering trade and investment
Al Mashat spoke during a press conference earlier today to celebrate the government’s recent divestment from Tamweely Microfinance to an international consortium of investors
Al-Mashat emphasized the significant potential for economic, trade, and investment relations between the two countries, given their pivotal roles in the regional and global economy
Al Mashat noted the issue of financing gaps in development, advocating for blended finance approache that merge public and private investments and stressing that integrating multilateral development banks and governments is vital to advancing development goals
The discussions centered on expanding bilateral relations and bolstering partnerships, particularly in key sectors identified as priorities by Egypt
El-Khatib emphasized the importance of aligning efforts with global partners to expand productive and service sectors capable of generating financial returns
Through proactive engagement with esteemed international organizations such as the World Bank, IMF, African Development Bank, and UN agencies, the MoIC has successfully secured crucial funding and technical assistance for diverse development projects.
This funding is the first step in a larger $6 billion support program unveiled in March 2024.
The objective is to strengthen foreign direct investment in Egypt, specifically targeting private sector companies.
Egypt's delegation joined the meetings as part of its commitment to enhancing cooperation with African nations and strengthening relationships with key development partners.
In an official statement from the MoIC, Quaroni shared that the Italian government is taking a keen interest in supporting the sectors targeted by Egypt’s Nexus of Water, Food and Energy (NWFE) Program
During the annual meetings of Arab financial institutions in Egypt's new administrative capital, Egypt's Minister of International Cooperation, Rania Al-Mashat, held bilateral discussions with the Tunisian Minister of Economy and Planning as well as the Director-General of the OPEC Fund for International Development
According to the ministry, $28.5 billion was allocated to various sectors while $10.3 billion has been channeled into the private sector, particularly focusing on initiatives related to climate action, development, and empowering the private sector
However, developing and emerging countries received only 13% of these funds, while the countries of the Global South received a mere 2%
