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  • Saturday, 07 October 2023

The Minister of International Cooperation, H.E. Dr. Rania A. Al-Mashat, Meets with the Minister of State for Development Cooperation in France to Discuss Strengthening Joint Economic Relations.

During H.E.’s visit to France to attend the Green Finance and Investment Forum organized by the Organization for Economic Co-operation and Development (OECD), the Minister of International Cooperation, H.E. Dr. Rania A. Al-Mashat, met with the Minister of State for Development Cooperation of France, Chrysoula Zacharopoulou, in light of efforts to strengthen joint relations with multilateral and bilateral development partners.

The meeting witnessed discussions of efforts to strengthen bilateral cooperation relations between Egypt and France and follow-up on the results of the Paris Summit for a New Global Financing Pact. Strengthening multilateral cooperation with the International Organization of La Francophonie in many areas of development was also discussed.

The two ministers discussed the global economic scene and the successive developments resulting from the Russian-Ukrainian crisis and the COVID-19 pandemic, and the impact of these developments on developing countries and emerging economies, stressing the importance of strengthening the efforts of the international community and international institutions to provide concessional development financing to those countries.

Al-Mashat said she appreciated the existing cooperation with the French side in financing development projects in Egypt, especially the development and rehabilitation of metro lines. Future development cooperation projects were also discussed at the level of capacity building programs, new metro lines, housing, education, vocational training, and small and medium projects, as well as water, sanitation, and wholesale markets.

It is worth noting that the total economic cooperation portfolio between Egypt and France from 1974 to date amounted to €7.5 billion, through more than 42 cooperation protocols in various sectors, including transportation, electricity, civil aviation, housing, sanitation, health, agriculture, and irrigation. Small and medium enterprises, environment, antiquities, and basic and technical education, while the current development cooperation portfolio records about €1.8 billion.

In 2022, the Ministry of International Cooperation and the French Development Agency (AFD) launched the new country strategy until 2025, which comes under the slogan “Towards Shared Prosperity,” and aims to achieve three main priority pillars: 1) Enhancing the integration of Egyptian financial, commercial, and productivity systems at the regional level, 2) Supporting the development of social infrastructure, and 3) Promoting equitable and sustainable local development; The strategy's three pillars include main sub-pillars: 1) Promoting shared prosperity, 2) Reconciling development goals with climate goals, and 3) Job creation, innovation and entrepreneurship.

During the visit of the French Minister of Economy and Finance, Bruno Le Maire, in June 2021, an agreement was signed between the Egyptian and French governments to contribute to financing priority development projects in Egypt, in light of the 2021-2025 strategy, with a value of €1.76 billion; Including €776 million from the French Treasury and €990 million from the AFD.