● Al-Mashat: The close relations between the government and development partners have reflected positively on the role of international financial institutions in enhancing joint work with the private sector.
The Minister of International Cooperation, H.E. Dr. Rania A. Al-Mashat, held a meeting with the Deputy Minister of Foreign Affairs and International Cooperation in the Italian government, Edmondo Cirielli, on the sidelines of her participation in the Italia-Africa Summit in Rome, on behalf of H.E.President Abdel Fattah El-Sisi, President of the Arab Republic of Egypt.
At the beginning of the meeting, Al-Mashat stressed the keenness of the Government of Egypt, led by H.E.President Abdel Fattah El-Sisi, to maximize relations with the Italian side and build on the historical and long-standing relations over the past decades.
H.E. applauded the close partnership with the Italian side at the level of bilateral cooperation and debt swap programs, through which many priority development projects were financed in the areas of food security, energy, water, education, higher education, civil society and other projects. H.E. thus stressed the keenness of the Ministry of International Cooperation to strengthen development cooperation efforts through the four principles of the “Global Partnership for Effective Development Cooperation” which are country ownership, focus on results, inclusive partnerships, and transparency and accountability.
Furthermore, Al-Mashat highlighted the most prominent aspects of the partnership between the Arab Republic of Egypt and the European side, within the framework of the “Team Europe” initiative, which defines the form of cooperation and joint work between the two sides since its launch in 2020, in light of the historical relations between Egypt and the European Union, and its impact on development efforts.
The European Union launched the Team Europe initiative in 2020, with the aim of coordinating and mobilizing European efforts to confront the COVID-19 pandemic, before turning to the EU’s new tool and approach to mobilize financial resources and development funds from European countries and institutions, to support the implementation of the economic and investment plan for the southern neighboring countries, including Egypt.
The Team Europe initiative includes many multilateral and bilateral partners, including the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), the German International Cooperation Agency (GIZ), the French Development Agency (AFD), the German Construction Bank, the Italian Development Agency, and the Spanish Agency for International Development Cooperation (AECID), in addition to the European Union and Germany, France, Italy, Spain, the Netherlands, Sweden, and others.
Al-Mashat also reviewed the mechanisms and tools through which the relationship between the private sector and development partners is strengthened, noting that the close relations between the government and development partners have reflected positively on the role of international financial institutions in enhancing joint work with the private sector through development financing and technical support.
H.E. added that within the framework of implementing the state ownership policy document, there will be more development opportunities in which the private sector participates, and it will open broader horizons for the joint relationship between the two sides.
Al-Mashat spoke about the NWFE program, which was launched in July 2022 with the aim of financing priority projects in the water, food, and energy sectors, through development and blended financing, technical support, and private sector investments.
For his part, the Deputy Minister of Foreign Affairs and International Cooperation in the Italian government, Edmondo Cirielli, expressed the Italian side’s appreciation for the political and economic relations with Egypt, especially with regard to strengthening them in the field of food security, stressing that Italy is keen for relations with Egypt to witness more momentum.
It is worth noting that the bilateral cooperation portfolio between Egypt and Italy amounts to about €82 million, in several development sectors, including supporting small and medium enterprises, stimulating the private sector, and promoting growth in the agricultural, health and environment sectors. In addition, the debt swap program is one of the main pillars for cooperation between the two sides, within the framework of which three tranches worth $350 million were implemented.