News and more

Keep Updated On The Progress

  • Thursday, 02 May 2024

At the conclusion of their work, the Minister of International Cooperation meets with a high-level European Union delegation to follow up on the results of the work and determine the next steps within the framework of the macroeconomic support mechanism and support the budget deficit.

• Minister of International Cooperation: Continued coordination between national bodies and the European Union to advance economic and structural reform efforts in Egypt

At the conclusion of its two-day work, Dr. Rania Al-Mashat, Minister of International Cooperation, held a meeting with members of the high-level technical mission of the European Union in the context of discussing economic and structural reform measures within the framework of the macroeconomic support mechanism and budget deficit support. This was in the presence of representatives of the Central Bank, The Ministry of Finance, and Ambassador Christian Berger, Head of the European Union Delegation to Egypt.

During the meeting, the mission reviewed the results of the meetings it held over two days with various national agencies and ministries, where many meetings were held with the ministries of social solidarity, finance, environment, electricity and renewable energy, trade and industry, and labor, in addition to advisors and assistants to the Council of Ministers, and the General Authority for Investment and Free Zones, the Competition Protection Agency, and the Central Bank. Future steps were also discussed within the framework of the macroeconomic support mechanism and budget deficit support.

Al-Mashat stressed the keenness on continuous coordination between national entities, relevant parties and the European Union in order to enhance cooperation efforts under the umbrella of the strategic partnership between the Arab Republic of Egypt and the European Union, to implement the macroeconomic support mechanism and support the budget deficit, in a way that supports the implementation of structural reforms. This enhances macroeconomic stability, noting that the economic file is of great importance within the framework of the Egyptian-European partnership and that the coming period will witness more developments at the level of economic and investment cooperation between the two sides.

It is worth noting that last March, Egypt hosted the historic Egyptian-European summit that witnessed the signing of a declaration to enhance joint relations to the level of a strategic partnership between H.E. President Abdel Fattah El-Sisi, President of the Arab Republic of Egypt and the President of the European Commission. This ceremony also included the announcement of a financing package to support the Egyptian economy from the European Union with a value of €7.4 billion.

The Minister of International Cooperation had participated within the Egyptian delegation in the 10th Association Council meeting between the Arab Republic of Egypt and the European Union, in Brussels, where she launched the report “Egypt & Team Europe: A Shared Development Vision For Progress & Prosperity” to review the distinguished cooperation between Egypt and Europe from 2020 to 2023 and preparing for future cooperation on topics of common interest between the two sides.

In confirmation of these relations, international partnerships with the Team Europe initiative, through soft financing, amounted to approximately $12.8 billion for the government and private sectors over 4 years, with $7.3 billion for the government sector and $5.5 billion in financing for the private sector, which resulted in attracting investments by European companies in related priority sectors. These funds were directed to priority sectors throughout the country, led by sustainable infrastructure, renewable energy and electricity, food security, health and education, sustainable transportation, water and sanitation networks, small, medium and micro enterprises, environment, solid waste management, women empowerment, and other programs.