Tuesday 10/December/2024 – 01:28 PM
I received the doctor Rania Al-MashatMinister of Planning, Economic Development and International Cooperation, the European Union mission, which includes the CODEV-PI and RELEX-HQ working groups of the European Council in Brussels, composed of expert-level representatives from the 27 member states of the European Union, to examine and discuss ways of strategic partnership and the mechanism of supporting the economy. Total and budget support, and the axes of future partnership between the two sides.
Reforms to attract foreign investment
The meeting was attended by Ambassador Rita Herrenchar, Hungarian Ambassador to Cairo, Barbara Horvath, political advisor at the embassy, and representatives from Croatia, Hungary, Slovenia, Austria, Slovakia, Belgium, France, Denmark, Malta, Ireland, Finland, Estonia, the Netherlands, Cyprus, and Portugal. , Greece, Luxembourg, Czech Republic, Ireland, Germany, Italy, Romania, Poland, Spain.
During the meeting, Dr. Rania Al-Mashat indicated that the delegation’s visit to Cairo aims to strengthen cooperation between Egypt and the European Union and discuss issues of common interest at the diplomatic and technical levels, pointing to the portfolio of ongoing cooperation between Egypt and the European Union, as the European Union is a strategic partner for Egypt. In the field of development, through its contribution to the implementation of priority projects in many sectors, explaining that the cooperation portfolio amounts to about 1.3 billion euros in grants and mixed financing.
Al-Mashat also explained that development cooperation between Egypt and the European Union extends over several decades, and aims to maximize the benefit of development financing to support projects of national priority in the sectors of health, food security, sanitation, and the environment, in addition to strengthening the partnership with the European Union in the fields of energy. Clean and green hydrogen, pointing to cooperation with programs financed through blended financing to support various sectors in Egypt such as transportation, water, agriculture, small and medium enterprises, renewable energy, social protection, governance, civil society and capacity building.
Al-Mashat confirmed that the Egyptian-European partnership has entered a new phase that is consistent with economic developments locally and internationally, following the signing of the strategic partnership agreement during the joint summit between President Abdel Fattah El-Sisi and Mrs. Ursula von der Leyen, President of the Commission, last March, which guarantees consensus. Projects with Egyptian national priorities, and addressing emerging needs, contributing to a cohesive and future-proof cooperation framework focused on identifying special areas of cooperation, such as political relations, macroeconomic stability, sustainable investments and trade, including the areas of energy, water, and security. Food, climate change, migration, security, and human capital development, and resulted in a European package worth 7.4 billion euros within the framework of that partnership, which includes 5 billion euros in financing to support the budget, 1.8 billion euros in the form of investment guarantees, and 600 million euros in grants.
Regarding the MFA macroeconomic and budget support mechanism, Dr. Rania Al-Mashat pointed out the success of signing the first phase of that mechanism, worth one billion euros, and the government’s implementation of a matrix of structural reforms that enhance macroeconomic stability.
The Minister of Planning, Economic Development and International Cooperation reviewed the report issued by the Ministry last January under the title “A Joint Development Vision for Progress and Prosperity,” which reviews the Egyptian-European partnership during the period from 2020 to 2023, both at the level of European financing institutions such as the European Bank for Reconstruction and Development, And the European Investment Bank, or at the country level, where the volume of cooperation in the four years amounted to about 12.8 billion dollars, with 7.3 billion dollars for the government sector and 5.5 billion dollars in financing for the private sector.
Al-Mashat noted that the joint work within the framework of the “Team Europe” initiative stems from national priorities and strategies, and in this framework cooperation is taking place in many axes, including the “Novi” program platform and “Novi+”, which was launched at the COP27 climate conference. It is an innovative platform to attract climate investments in water, food, energy and sustainable transportation projects, and has received great praise from multilateral development banks, the most recent of which was the joint statement issued at COP29 by 12 banks, and included special mention of the program as a model for national platforms in the field of climate action. She also pointed to constructive cooperation with European financing institutions in encouraging the green hydrogen industry in Egypt through technical support and benefiting from accumulated experience.
