Ministry of International Cooperation
During her presentation, Minister Al-Mashat highlighted the distinction between short-term economic stability policies and long-term structural reforms
Egypt’s Minister of International Cooperation (MoIC), Rania Al Mashat, recently stated in an interview that the World Bank (WB) is expected to disburse $1 billion during the second half of 2024 as part of the $6 billion support package announced back in March
Rania Al-Mashat, emphasized the crucial role of sustainable infrastructure in driving economic and social progress worldwide. However, she acknowledged the significant gap between the current global infrastructure needs and the projected spending by 2030, estimated at $15 trillion
Al-Mashat highlighted the potential of debt swaps to enhance countries' fiscal capacity, enabling them to expand investments in climate action
Al-Mashat called for a focus on supporting project structuring and bankability and addressed the G24 Governors
The Minister also discussed topics including the development policy financing program, cooperation in various fields such as attracting foreign investment and promoting industrial development, and support for social protection initiatives
During the meeting, Minister Al Mashat expressed Egypt's gratitude for the ongoing cooperation with JICA, highlighting the alignment of visions and the commitment to strengthening joint efforts
During the meeting, they also discussed joint work in the field of food security and enhancing agricultural investment in Africa, in addition to various development fields
Over 80 percent of these investments were directed towards the private sector, resulting in the implementation of 174 projects across various development sectors
The purpose of the meeting was to discuss the EIB's financial and technical support for crucial investments that enhance economic opportunities for millions of Egyptians.
The funding will be divided into two parts: firstly, €28 million will be directed towards enhancing risk management and credit guarantee mechanisms, specifically tailored to meet the financing needs of small and medium-sized enterprises (SMEs). Secondly, €32 million will be allocated to support the Comprehensive Technical Education Initiative in Egypt
The purpose of the visit was to meet with the newly appointed President of the EIB, Calviño, and explore opportunities for enhancing collaboration and future joint efforts in line with the bilateral cooperation strategy between Egypt and the bank
This collaboration was formalized through the signing of a cooperation protocol between the two entities, in the presence of the Ministry of International Cooperation (MOIC)
Egypt’s current cooperation portfolio with the IFC is to approximately $1.84 billion across multiple sectors, with an additional $26.8 million injected into private sector investments during January 2024
Over the years, the bank has financed 175 projects in various sectors, such as infrastructure, human capital, and public sector reforms
During the meeting, it was emphasized that the new program will build upon the existing Egypt-Swiss cooperation program that has been in effect from 2021 to 2024
Minister of MoIC, Rania Al-Mashat, recently met with Italian Deputy Minister of Foreign Affairs and International Cooperation, Edmondo Cirelli, to discuss bilateral cooperation programs and debt swap arrangements
These grants aim to support the Ministry of Housing, Utilities, and Urban Communities in implementing the second phase of the drinking water management program in Upper Egypt and the sludge management project in Beni Suef
The meeting primarily focused on advancing Egypt's green transition strategy, supporting efforts to increase investment in human capital, implementing green development projects, and discussing the NWFE platform
During the meeting, Secretary Yellen underscored the unwavering support of the United States for Egypt and its ongoing economic reform program
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