Egypt Daily News – Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, held a meeting with Dubravka Šuica, the newly appointed EU Commissioner for Mediterranean Affairs.
The meeting was attended by Angelina Eichhorst, the EU Ambassador to Cairo, as well as officials from the European Investment Bank and the European Commission. The discussions focused on the future of economic relations between Egypt and the European Union in light of their strategic partnership.
The meeting discussed mechanisms for integrating the private sector into the investment system and leveraging the European Union’s investment guarantees worth 1.8 billion euros under the European Fund for Sustainable Development Plus (EFSD+). Announced during the European Investment Conference, these allocations will support Egypt’s sustainable development initiatives and enhance the private sector’s role in economic growth.
Minister Al-Mashat confirmed that efforts are underway to launch the “Investment Guarantee for Development” mechanism between Egypt and the European Union. This initiative aims to activate European investment guarantees worth 1.8 billion euros to mobilize approximately 5 billion euros in investments in green transition sectors and other priority areas.
The meeting also addressed the ministry’s efforts to empower the private sector through the “Hafiz” platform for financial and technical support. This integrated platform provides various services from development partners to private sector entities, including large corporations, small and medium enterprises (SMEs), and startups.
Additionally, the discussion covered ongoing cooperation programs under blended finance mechanisms, which provide crucial support for key sectors. These include developing transportation infrastructure and improving transit networks, supporting water desalination projects, enhancing irrigation and sanitation systems, promoting sustainable agricultural development, and providing financing for small farmers.
Other areas of support include fostering entrepreneurship, facilitating start up access to funding, expanding clean energy projects for environmental sustainability, implementing social inclusion programs for vulnerable groups, enhancing transparency, strengthening institutional capacity, and supporting civil society organizations.
Regarding regional cooperation, the discussions explored ways to strengthen collaboration between countries, particularly Mediterranean nations, in alignment with global economic shifts, green transition, digitalization, and artificial intelligence. The meeting also reviewed new European Commission-funded programs that Egypt could benefit from in various fields.
Minister Al-Mashat further highlighted the ministry’s efforts to advance the government’s economic and structural reform program. A key focus of this program is improving governance and increasing the efficiency of public investments to create more space for private sector participation in development efforts.
