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  • Wednesday, 21 June 2023

The Minister of International Cooperation Dr. Rania Al-Mashat Discusses Strategic Framework for Joint Action to Maximize Development Cooperation Impact with OPEC Fund’s DG

The Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat held a bilateral discussion with the OPEC Fund’s Director General Dr. Abdulhamid Alkhalifa  as part of the OPEC Fund Development Forum in Vienna. The meeting discussed strengthening joint cooperation efforts in various fields of development based on the close and extended partnerships between the two sides.

The Minister expressed her appreciation for the long-term partnership with the Fund and the mutual commitment to moving forward in supporting sustainable development efforts in Egypt, during which development and concessional funds and development grants worth about $1.5 billion were made available, promoting development in the fields of energy, financial services, agriculture, education, industry, health and other priority sectors.

The Minister discussed ways to enhance cooperation in supporting the country platform for NWFE Program, the nexus of water, food and energy projects, pointing to the importance of the program in stimulating efforts to transition to a green economy in Egypt, and the ongoing efforts to coordinate joint work with multilateral and bilateral development partners to mobilize concessional development financing mechanisms, technical support and private sector investments to implement the projects included in the program.

Al-Mashat reviewed the measures taken by the government to achieve a comprehensive and sustainable recovery and growth led by the private sector, as it is a major driver of growth and job creation, and to enhance digital transformation efforts and increase the competitiveness of the economy, explaining that the Ministry of International Cooperation works through relations with development partners in light of the country’s vision to provide full support to the private sector, whether through development funds, technical support and investments.

The two sides discussed the future of the development cooperation framework between the government and the OPEC Fund to maximize the return from joint efforts to serve national priorities and enhance the Fund's efforts in supporting global development efforts, in a way that ensures the sustainability of joint efforts to support  sustainable development.

It is worth noting that the OPEC Fund works in cooperation with developing partner countries and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. It was established in 1976 with the specific objective of: advancing development, supporting population groups, and empowering individuals, with a focus on financing projects that meet basic needs, such as food, energy, infrastructure, and employment, especially with regard to MSMEs, clean water supply, sanitation, health care and education.