Rania Al Mashat
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
The meeting, co-chaired by High Representative Josep Borrell and Egyptian Foreign Minister Sameh Shoukry, focused on the success of the Economic and Investment Plan, which aims to mobilize €9 billion in investments for critical areas such as food, water, and energy
The European Union (EU) and the National Council for Childhood and Motherhood (NCCM) signed on Sunday a Grant Agreement "National Children Empowerment Initiative" to improve the provision of child protection services, promote positive behavioral change, and provide supportive environment for kids to develop their skills.
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
These investments include LE 222.2 million being directly invested, while LE 166.3 million has been allocated as indirect investments
The primary focus of the meeting was to advance economic diplomacy and provide support to the private sector in Egypt
The main objective of these agreements, as outlined in the MoIC report, is to support Egypt's efforts in achieving comprehensive and sustainable growth, as well as implementing the 2030 development agenda.
The financing package includes $125 million from the EBRD, $120 million from the IFC, $100 million from the AIIB, $60 million from the DEG, and $50 million from Proparco
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".
The new initiative seeks to develop innovative digital applications tailored to serve Egypt's agricultural sector and extend its impact on regional activities, particularly in Africa
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