"Al-Mashat": Elevating Egyptian-Spanish relations opens wider horizons for investment and economic partnership between the two countries.
Leveraging development financing and EU guarantees for the private sector to expand Spanish investments in Egypt
Government continues to implement reforms that improve the business environment and investment climate
Governance of public investments to make room for the private sector, and economic reforms have enhanced macroeconomic stability
Egypt enjoys credibility with international financial institutions, providing financing alternatives for the local and foreign private sector
As part of H.E. President Abdel Fattah El-Sisi's visit to the Kingdom of Spain, H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, participated in the Egyptian-Spanish Business Forum, which was held during the visit, with the participation of a large number of representatives of the business community, Egyptian and Spanish companies, and officials of chambers of commerce, in the presence of Engineer Hassan Al-Khatib, Minister of Investment and Foreign Trade, and Carlos Cuerpo, Minister of Economy, Trade and Business of Spain.
During the meeting, H.E. Dr. Rania A. Al-Mashat highlighted the current visit of H.E. President Abdel Fattah El-Sisi to the Kingdom of Spain, which reflects the state's keenness to strengthen the partnership with the Spanish side and build on the historical relations between the two countries, explaining that the announcement of elevating the joint relations to a strategic partnership level opens ambitious avenues for joint work, increasing investments, trade exchange, and developing economic relations in various aspects.
The Minister reviewed the developments of the Egyptian economy over the past period, and the measures taken by the government to enhance macroeconomic stability through fiscal and monetary policies, as well as the implementation of the national structural reform program, which works to enhance macroeconomic resilience and stability, improve the business environment for the private sector, and promote the transition to a green economy.
Al Mashat noted that GDP growth in the Egyptian economy rise to 3.5% in the first quarter of the current fiscal year, driven by the reforms implemented by the state, which were reflected in vital sectors such as non-petroleum manufacturing, adding that the government is working to develop the structure of the Egyptian economy to shift towards tradable sectors.
H.E. highlighted the economic diplomacy efforts to empower the private sector and provide concessional development financing to the local and foreign private sector from multilateral and bilateral development partners, noting that such financing is a key tool to attract and encourage private sector investments, as it provides financing at low interest rates, which contributes to reducing risks and encouraging the private sector to inject investments in priority sectors.
Furthermore, H.E. addressed the investment guarantees with the European Union that were agreed upon as part of the €1.8 billion financial package, as Spanish companies can benefit from these guarantees in order to expand their investments in the Egyptian market, explaining that Egypt enjoys credibility with international financial institutions, which provides financing alternatives for the local and foreign private sector.
The Minister of Planning, Economic Development, and International Cooperation stated that the Egyptian relations with development partners are characterized by key determinants, clarity in presenting the vision, credibility, and commitment to implementing the agreed projects.
On another note, H.E. Dr. Rania A. Al-Mashat also addressed the ministry's efforts to govern public investments and adhere to a specific ceiling for investment spending in order to make room for the private sector, affirming that the ministry is working in the coming period to create constructive partnerships with the private sector through partnership in the implementation of public investments.