Rania Al Mashat
El-Khatib emphasized the importance of aligning efforts with global partners to expand productive and service sectors capable of generating financial returns
The newly formed ministry will be led by Rania Al-Mashat, who has served in the cabinet since 2018. Al-Mashat brings over 20 years of experience in international development, finance, and sustainable development to the role.
This funding was provided by the European Union as part of a larger financing package of €7.4 billion allocated to Egypt.
The agreements were signed during the Egypt-EU Investment Conference held at Cairo's Al Manara International Conference Center on June 29-30
This follows the signing of the first tranche of Macro-Financial Assistance (MFA) to support the overall economy and budget deficit, totaling €1 billion, by Rania Al-Mashat, Minister of International Cooperation, and Valdis Dombrovskis, Executive Vice-President of the European Commission, during the Egyptian-EU Investment Conference.
The World Bank Group has approved a financing package of $700 million, with $500 million from the World Bank itself and $200 million from other partners.
This funding is the first step in a larger $6 billion support program unveiled in March 2024.
The objective is to strengthen foreign direct investment in Egypt, specifically targeting private sector companies.
Minister of International Cooperation Rania Al-Mashat emphasized the significance of hosting the forum, stating that it symbolizes Egypt's growing role within the BRICS group and underscores the country's commitment to leveraging innovative mechanisms for development
The bilateral relationship between Egypt and South Korea is robust and enduring. South Korea, recognizing Egypt as a priority partner, has played a pivotal role in successful projects by providing substantial funding and fostering economic cooperation.
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
During the annual meetings of Arab financial institutions in Egypt's new administrative capital, Egypt's Minister of International Cooperation, Rania Al-Mashat, held bilateral discussions with the Tunisian Minister of Economy and Planning as well as the Director-General of the OPEC Fund for International Development
Prime Minister Madbouly commended the Arab financial institutions for their steadfast support of Egypt in recent years, which has contributed to the financing of major development projects in the country.
Minister of International Cooperation, Rania Al-Mashat, emphasized that Egypt is fully committed to providing the necessary support and facilities to ensure the success of these gatherings, in line with the organization's stature
This investment has positioned Egypt as one of the top countries where the IFC operates. Additionally, the IFC has provided advisory services worth $34 million to support Egypt's economic development.
The mission's agenda also includes meetings with various national entities, such as the Ministries of Environment, Electricity, Labor, Planning, Trade and Industry, and the Central Bank of Egypt.
El-Sisi emphasized the summit's significance in reminding us of Africa's collective destiny and its potential for development.
This summit acts as a platform for discussing the goals of the African continent in collaboration with the IDA, an organization affiliated with the World Bank that is renowned for providing low-interest financing and grants on a global scale.
However, developing and emerging countries received only 13% of these funds, while the countries of the Global South received a mere 2%
The event, titled "Global Collaboration, Growth and Energy for Development," will take place on April 28 and 29. Over 1,000 participants from governments, the private sector, and international institutions are expected to attend.
