"Al-Mashat": The Egyptian-EU Summit Marks a Shift Toward a Strategic Partnership Aligned with Current Economic Developments Both Locally and Internationally

The EU is a Strategic Partner for Egypt in Various Sectors, particularly Food Security, Renewable Energy, and Digital Transformation

Egypt is Implementing a Wide Range of Reforms to Attract Foreign Investments

The "Team Europe" Report Reflects Efforts to Strengthen Partnerships with Both the Public and Private Sectors Over the Last Four Years

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, met with a delegation from the European Union, which included the CODEV-PI and RELEX-HQ teams from the European Council in Brussels. The delegation consisted of expert-level representatives from 27 EU member states. 

The meeting aimed to discuss strategic partnership avenues, macroeconomic support mechanisms, budget assistance, and future areas of collaboration between the two parties.

The meeting was attended by Ambassador Rita Herencsar, Ambassador of Hungary to Cairo, Ms. Barbara Horvath, Political Advisor at the Hungarian Embassy, and representatives from Croatia, Hungary, Slovenia, Austria, Slovakia, Belgium, France, Denmark, Malta, Ireland, Finland, Estonia, the Netherlands, Cyprus, Portugal, Greece, Luxembourg, the Czech Republic, Germany, Italy, Romania, Poland, and Spain.

H.E. Dr. Al-Mashat emphasized that the visit of the EU delegation to Cairo aimed to strengthen cooperation between Egypt and the EU, addressing mutual diplomatic and technical interests. 

H.E. Minister Al-Mashat highlighted Egypt's ongoing cooperation with the EU, where the European Union is a strategic partner in development, contributing to priority projects across multiple sectors. The EU’s cooperation portfolio with Egypt amounts to approximately €1.3 billion in grants and blended finance.

H.E. Dr. Al-Mashat also explained that Egypt’s development cooperation with the EU has spanned several decades, aiming to maximize the use of development funding to support priority national projects in sectors such as health, food security, sanitation, and the environment. Additionally, Egypt is fostering its partnership with the EU in areas like clean energy, green hydrogen, and various sectors including transport, water, agriculture, small and medium-sized enterprises, renewable energy, social protection, governance, civil society, and capacity building.

H.E. Minister Al-Mashat noted that the Egyptian-EU partnership has entered a new phase, aligning with both local and international economic changes, especially after the signing of the strategic partnership agreement during the joint summit between H.E. President Abdel Fattah El-Sisi and European Commission President Ursula von der Leyen in March. This partnership ensures that projects align with Egypt's national priorities and emerging needs, thus contributing to a cohesive and future-focused framework for cooperation, focusing on specific areas like political relations, macroeconomic stability, sustainable investments, and trade. This has resulted in a European package worth €7.4 billion, including €5 billion in budget support, €1.8 billion in investment guarantees, and €600 million in grants.

Regarding the Macroeconomic Support Facility (MFA) and budget support, H.E. Dr. Rania Al-Mashat highlighted the successful signing of the first phase of this facility worth 1 billion euros and the government's implementation of a matrix of structural reforms that enhance macroeconomic stability.

The Minister of Planning and Economic Development and International Cooperation reviewed the report issued by the ministry last January entitled "A Shared Development Vision for Progress and Prosperity," which reviews the Egyptian-European partnership during the period from 2020 to 2023, whether at the level of European financing institutions such as the European Bank for Reconstruction and Development and the European Investment Bank, or at the level of countries, where the volume of cooperation in the four years amounted to approximately $12.8 billion, with $7.3 billion for the government sector and $5.5 billion in financing for the private sector.

H.E. Dr. Al-Mashat noted that joint work within the framework of the "Team Europe" initiative is based on national priorities and strategies, and in this context, cooperation is taking place in many areas, including the "NWFE" and "NWFE+" program country platform, which was launched at the COP27 climate conference. This is an innovative platform for attracting climate investments in sustainable water, food, energy, and transportation projects, and has received great praise from multilateral development banks, most recently in the joint statement issued at COP29 by 12 banks, which included a special mention of the program as a model for national platforms in the field of climate action. She also referred to constructive cooperation with European financing institutions in encouraging the green hydrogen industry in Egypt through technical support and benefiting from accumulated expertise.

H.E. Minister Al-Mashat also pointed out  the fruitful experiences with Germany and Italy within the framework of the debt-for-development swap program and the successful signing of the first debt-for-climate swap with Germany, in addition to repeating the experience with China.