Dr. Rania Al-Mashat, Minister of International Cooperation, held a discussion session with Dr. Majid Al-Qasabi, Saudi Minister of Commerce, at the Ministry’s headquarters in the New Administrative Capital, in the presence of Mr. Osama bin Ahmed Nuqli, Ambassador of the Kingdom of Saudi Arabia to Egypt, and a number of officials, in light of the visit. Which was carried out by the Saudi Minister of Commerce to Egypt, during which the joint and historical relations between the Arab Republic of Egypt and the Kingdom of Saudi Arabia were emphasized, and the keenness to move forward towards more joint cooperation between the two brotherly countries.
At the beginning of the meeting, the Minister of International Cooperation welcomed the Saudi Minister of Commerce to his second country, Egypt, stressing the importance of relations at all levels between the two countries, especially at the economic level, and the Egyptian government’s keenness to advance these relations in light of the joint coordination between the two sister countries based on the bonds and relations. To achieve development and common interests, she appreciated the cooperation with the Saudi Fund for Development, through which a large number of development projects were financed in Egypt, especially in the Sinai Peninsula.
The two ministers discussed joint relations with international financial institutions and joint coordination in light of the important role these institutions play in enhancing the ability of developing and emerging countries to promote comprehensive and sustainable growth and preserve development gains. They also discussed the ongoing international efforts to restructure the global financial structure and maximize the role of international financial institutions and multilateral development banks in facing global economic challenges, and unifying visions on these issues. The two sides also reviewed existing experiences and relationships with development partners and international institutions to advance development efforts and enhance development cooperation.
During the meeting, the Minister of International Cooperation referred to the close relations between the Arab Republic of Egypt and multilateral and bilateral development partners, which aim to advance sustainable development efforts within the framework of the state’s priorities and vision to enhance growth and overcome the economic challenges facing countries of the world at the present time. She also reviewed with The Saudi Minister of Commerce, the results of the National Platform for Green Projects, the “NWFE” program, which Egypt launched at the COP27 climate conference. Over the course of a full year, joint coordination was strengthened with various international institutions and international alliances in the field of climate to mobilize soft development financing and technical support for green transformation projects in Egypt.
For his part, the Saudi Minister of Commerce expressed his visit to the sisterly Arab Republic of Egypt, expressing the aspirations of the Kingdom of Saudi Arabia to raise the level of relations in various fields.
It is worth noting that the size of the cooperation portfolio with the Saudi Fund for Development since the beginning of cooperation in 1975 amounted to about 2.3 billion dollars, through which 32 projects were financed in various fields of development, including health, education, catering, irrigation, electricity, transportation, roads and bridges, agriculture, and housing. While the current cooperation portfolio amounts to about $869.2 million, to finance 8 projects.
The Sinai Peninsula Development Program is one of the most prominent forms of cooperation with the Saudi Fund for Development, amounting to $1.5 billion, to implement various projects, most notably the Al-Mahsama Wastewater Treatment Plant Project, the Bahr Al-Baqar Drainage Station, the inauguration of King Salman University, and the Residential and Agricultural Communities Project in the Sinai Peninsula.