Multilateral and Bilateral Partnerships
On behalf of President El Sisi, Prime Minister Mostafa Madbouly addressed the second high-level session of the Forum on China-Africa Cooperation (FOCAC), focusing on economic opportunities and strategic investments
Al-Mashat emphasized the significant potential for economic, trade, and investment relations between the two countries, given their pivotal roles in the regional and global economy
Madbouly, who is attending the China-Africa Cooperation Forum (FOCAC), met with Zhao on Wednesday, praising China for its achievements in construction and urban development, positioning it as a vital ally in addressing global challenges
Al Mashat noted the issue of financing gaps in development, advocating for blended finance approache that merge public and private investments and stressing that integrating multilateral development banks and governments is vital to advancing development goals
The discussions centered on expanding bilateral relations and bolstering partnerships, particularly in key sectors identified as priorities by Egypt
The agreements, between the Sovereign Fund of Egypt (TSFE) and European developers, aim to bolster Egypt's renewable energy infrastructure, explained a cabinet statement on Sunday
On the sidelines of day two of the Egypt-EU investment conference, PM Madbouly underscored Egypt's commitment to economic reform and its impact on fostering a conducive investment climate, citing achievements such as stabilizing the foreign exchange rate and supporting the private sector
In an official statement from the MoIC, Quaroni shared that the Italian government is taking a keen interest in supporting the sectors targeted by Egypt’s Nexus of Water, Food and Energy (NWFE) Program
According to the ministry, $28.5 billion was allocated to various sectors while $10.3 billion has been channeled into the private sector, particularly focusing on initiatives related to climate action, development, and empowering the private sector
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
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
The primary focus of the meeting was to advance economic diplomacy and provide support to the private sector in Egypt
Al-Mashat clarified that the financing was “dedicated to accelerating progress towards sustainable development in electricity, renewable energy, transportation, MSMEs, water, education, health, and many other sectors".
During her participation, Al-Mashat emphasized Egypt's dedication to strengthening international partnerships with both multilateral and bilateral development partners in the water sector
During the meeting, the two sides also discussed cooperation in green energy projects, and supporting small and emerging projects
Budliger affirmed Switzerland's support for Egypt's economic reform program, which was implemented in agreement with the International Monetary Fund (IMF)
The conference was organized by the South Korean Ministry of Economy and Finance and the Korea Export-Import Bank, in cooperation with the African Development Bank (AfDB)
Austrian investments in Egypt are across 173 projects in a wide range of sectors such as industry, services, tourism, construction, finance, agriculture, telecommunications, and information technology
