Egypt Daily News – Dr. Rania Al-Mashat, Minister of Planning and International Cooperation and Governor of Egypt at the European Bank for Reconstruction and Development, received Mark Davis, Regional Director for the Southern and Eastern Mediterranean Region at the European Bank for Reconstruction and Development, who assumed his position succeeding Dr. Heike Harmgart, where the two sides discussed joint cooperation files and reviewed the most prominent joint projects implemented during the past year, and future cooperation prospects.
The meeting was attended by officials of the European Bank for Reconstruction and Development and the Ministry’s work team.
At the beginning of the meeting, Dr. Rania Al-Mashat congratulated Davis on his new position as Managing Director for the Southern and Eastern Mediterranean Region at the European Bank for Reconstruction and Development, expressing her appreciation for the strategic and fruitful relations with the Bank, considering Egypt a founding member.
She pointed to the continuous development of joint relations since 2012, as Egypt became a country of operations for the European Bank for Reconstruction and Development, which contributed to increasing the volume of investments for the government and private sectors to about 13.8 billion euros in 194 projects, and more than 84% of these funds were directed to the sector.
This reflects confidence in the Egyptian economy and contributes to achieving our development goals.
Al-Mashat reviewed the sustainability and financing framework for economic development, which was launched by the ministry following the formation of the new government, which aims to maximize the use of planning tools, elements of the economic and social development plan, and external resources from development partners, in order to support the state’s 2030 development vision and achieve maximizing the Egyptian economy and achieving qualitative and sustainable growth through 3 pillars: 1- Formulating economic development policy based on data and evidence, to provide information about needs and opportunities, 2- fill gaps in various development areas, 3- build a resilient economy, 4- enhance macroeconomic stability, and 5- mobilize domestic and external financing to achieve sustainable development through an integrated national financing framework.
She also referred to the Ministry’s efforts in cooperation with development partners, through economic diplomacy, to advance financing for development, explaining that over the past four years, the private sector in Egypt has received about $14.5 billion in soft financing from the private sector. She also reviewed the strategic partnership with the European Union and its developments over the past year, especially at the level of the macroeconomic support mechanism and budget deficit support (MFA), Negotiations are scheduled to begin in the coming days regarding the second phase, worth 4 billion euros, in addition to an investment guarantee mechanism worth 1.8 billion euros.
The Minister of Planning and International Cooperation added that the current government is working to strengthen macroeconomic stabilization efforts and continue implementing structural reforms that stimulate the private sector and prepare the investment climate and business environment.
The government also intends to move forward with the IPO program in order to maximize the return on state-owned assets. Al-Mashat added that the investments of the European Bank for Reconstruction and Development over the past year reflect the bank’s great confidence in the Egyptian economy and the attractiveness of local and foreign private sector companies for external financing, as well as the success of the efforts undertaken by the state, especially at the level of structural reforms in the renewable energy sector.
Which enabled the bank, as a major partner in the energy axis of the “Al-Mashat” program, to attract innovative financing for many projects. Al-Mashat added that the investments of the European Bank for Reconstruction and Development over the past year reflect the bank’s great confidence in the Egyptian economy and the attractiveness of local and foreign private sector companies for external financing, as well as the success of the efforts undertaken by the state, especially at the level of structural reforms in the renewable energy sector, which enabled the bank, as a major partner in the energy axis of the “Al-Mashat” program, to attract innovative financing for many projects.
As these sectors represent the future of development in Egypt, in addition to the field of transportation and the preparation of partnership projects between the public and private sectors, this emphasizes the importance of continuing to open horizons of cooperation between the private sector from both sides, in light of its vital role in enhancing development efforts.
At the conclusion of the meeting, the two sides stressed the importance of joint work and coordination to enhance investments and meet development needs in Egypt, with a commitment to strengthening the strategic partnership between Egypt and the European Bank for Reconstruction and Development.
