Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, received; Angelina Eichhorst, the new European Union Ambassador to Cairo, and her accompanying delegation, in the first meeting between the two sides after she assumed the position, succeeding Ambassador Christian Berger. The meeting witnessed a discussion of various aspects of the economic partnership between the Arab Republic of Egypt and the European Union, within the framework of strategic relations between the two sides.
At the beginning of the meeting, Dr. Rania Al-Mashat congratulated Angelina Eichhorst on her new position as Ambassador of the European Union and Head of Mission to Egypt and the League of Arab States, succeeding Ambassador Christian Berger, wishing her success in her mission, and stressing the continuity of coordination and cooperation in order to develop a strategic partnership agreement between Egypt and the European Union. Implementation will benefit both sides and move economic relations to broader horizons.
Al-Mashat stressed the strategic importance of the European Union as one of the main partners of the Arab Republic of Egypt in the field of economic and social development, pointing out that the European Union is an essential supporter of many vital projects that enhance Egypt’s ability to achieve its comprehensive and sustainable development goals.
Dr. Rania Al-Mashat touched on the significant development that the relationship with the European Union has witnessed since the beginning of this year, starting with the convening of the Egyptian-European Partnership Council, then the high-level visit of the President of the European Commission, the signing of the joint declaration of strategic partnership between the two sides, and then the holding of the Egyptian Investment Conference. The European Union, pointing to the financial package worth 7.4 billion euros, within the framework of the Egyptian-European partnership, to support development projects, enhance economic stability to ensure a stable and attractive economic environment for investment, encourage investment and trade in a way that contributes to strengthening bilateral economic relations, and develop migration and mobility frameworks to ensure Exchanging experiences and human resources in an organized and mutually beneficial manner, and expanding efforts to develop human capital.
The Minister of Planning, Economic Development and International Cooperation also referred to the efforts made to support small and medium enterprises as an essential pillar for advancing the economy, as these projects contribute to creating job opportunities and promoting innovation and entrepreneurship. Cooperation also includes supporting renewable energy in line with global trends towards environmental sustainability. And strengthening social protection programs that ensure the provision of a social safety net for the most needy groups.
The two sides reviewed the current position of implementing the first phase of the macroeconomic support and budget deficit support mechanism (MFA), where Al-Mashat confirmed the coordination carried out by the Ministry with European Union missions and relevant national authorities, in order to determine the structural reforms implemented, as well as investment guarantees. It is scheduled to be made available by the European Union, which will enhance the investments of European companies in Egypt.
They also discussed opportunities for cooperation in light of the European Union’s direction to implement the European Carbon Border Adjustment Mechanism (CBAM), explaining that the government is working to enhance cooperation with development partners in order to enhance the competitiveness of Egyptian exports through grants that work to support the industrial sector in order to comply with that mechanism.
The Minister of Planning, Economic Development and International Cooperation pointed to the ongoing relations with European financial institutions in various fields of development, especially empowering the private sector, and at the forefront of these institutions are the European Investment Bank, the European Bank for Reconstruction and Development, and the International Finance Corporation, explaining that it is within the framework of the World Bank’s efforts to To implement an ambitious reform plan and launch a unified guarantee platform, European institutions can cooperate with the International Investment Guarantees Agency of the World Bank, in order to unify efforts that create more innovative mechanisms for the private sector in Egypt.
For her part, the new European Union Ambassador to Cairo thanked Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, for the good reception, explaining that the relationship between the European Union and Egypt has witnessed great development in the recent period, and is considered a model of constructive partnerships, looking forward to joint work from In order to continue developing the economic partnership and build on what has been achieved.
It is worth noting that the ongoing development cooperation portfolio with the European Union records 1.3 billion euros, which includes financial grants and mixed financing, to strengthen several vital sectors, including transportation and infrastructure, which is a main artery for enhancing economic movement and linking different regions, and the water sector, which aims to improve access to… Clean water, achieving sustainability in water resources, and agriculture that contributes to achieving food security and enhancing local production.
