● Al-Mashat reviews the Framework for Sustainability and Financing for Economic Development and efforts to enhance macroeconomic stability.
● Discussions on enhancing future partnerships to continue implementing the "NWFE" program and priority projects.
Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation and Egypt’s Governor at the European Bank for Reconstruction and Development (EBRD), received Mr. Mark Davis, the new Regional Director for the Southern and Eastern Mediterranean Region at the EBRD, succeeding Dr. Heike Harmgart. The two sides discussed joint cooperation initiatives, reviewed key projects undertaken over the past year, and explored future collaboration prospects. The meeting was attended by officials from the EBRD and the ministry’s team.
At the beginning of the meeting, Dr. Rania Al-Mashat congratulated Mr. Davis on his new position as Managing Director for the Southern and Eastern Mediterranean Region at the EBRD, expressing her appreciation for the fruitful strategic relations with the bank, considering Egypt a founding member. She highlighted the ongoing development of these relations since Egypt became an EBRD country of operations in 2012, leading to increased investment flows to both the public and private sectors, reaching approximately €13.8 billion in 194 projects, with more than 84% of these funds directed to the private sector. This reflects confidence in the Egyptian economy and contributes to achieving the country’s development goals.
Al-Mashat outlined the Framework for Sustainability and Financing for Economic Development, which the ministry launched following the recent government reshuffle. This framework aims to maximize the use of planning tools, elements of the Economic and Social Development Plan, and external resources from development partners to support Egypt’s Vision 2030. The goal is to achieve qualitative and sustainable growth by focusing on three pillars:
● Formulating Data-Driven & Evidence-Based Economic Development Policy informs educated discussions about the needs and opportunities in areas such as human capital, industrial development, SMEs, technology, entrepreneurship, sustainable infrastructure, green investments, among others, while ensuring robust monitoring and evaluation mechanisms to track progress and optimize outcomes.
● Building a Future-Resilient Economy advances macroeconomic stability through the implementation of structural reforms to foster economic competitiveness, macro-fiscal resilience and the green transition.
● Optimizing Resource Allocation by adopting an integrated national financing framework that mobilizes domestic and international financing, thus allocating resources to priority sectors and supporting SDG acceleration.
She also noted the ministry’s efforts in collaboration with development partners, using economic diplomacy to drive financing for development. Over the past four years, Egypt’s private sector secured about $14.5 billion in concessional financing. Al-Mashat highlighted the strategic partnership with the European Union, particularly developments last year in the Macro-Financial Assistance (MFA) program, which addresses budget support. Negotiations for the second phase, worth €4 billion, are set to begin soon, alongside a €1.8 billion investment guarantee mechanism.
The Minister of Planning, Economic Development, and International Cooperation added that the current government is working to strengthen macroeconomic stability efforts and continue implementing structural reforms that stimulate private sector activity and create a favorable investment climate. The government also plans to proceed with the state ownership policy program to maximize returns from state-owned assets.
Al-Mashat noted that EBRD’s investments in Egypt last year reflect the bank’s significant confidence in the Egyptian economy and the attractiveness of local and foreign private sector companies for external financing. She also emphasized the success of the state’s efforts, particularly in renewable energy sector reforms, which enabled the bank, as a key partner in the energy pillar of the "NWFE" country platform, to attract innovative financing for various projects.
She further noted that the relationship between Egypt and the EBRD has advanced significantly over the past five years, working together across various levels to pave the way for achieving Egypt’s targeted development rates. This relationship reflects the ongoing progress in cooperation and the success in building strong and influential partnerships.
The meeting also included discussions on enhancing cooperation with the bank in the fields of green financing and renewable energy, as these sectors represent the future of development in Egypt. Additionally, discussions covered transportation and preparing public-private partnership (PPP) projects, reaffirming the importance of continuing to open avenues of cooperation between the private sectors of both sides, given their vital role in supporting development efforts.
At the end of the meeting, both sides emphasized the importance of joint work and coordination to boost investments and meet Egypt’s development needs, with a commitment to strengthening the strategic partnership between Egypt and the EBRD.