Discussions on the implementation of the second phase of the Macroeconomic Support Mechanism, budget support, the Country Platform for the "NWFE" program, and investment guarantees for the private sector.
H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, received Mr. Josef Sikela, the European Commissioner for International Partnerships, during his visit to Egypt.
The two sides reviewed strengthening the strategic partnership between the Arab Republic of Egypt and the European Union, in light of sustainable development priorities and green transition efforts, cooperation within the framework of the "Team Europe" initiative, and support for the Country Platform for the "NWFE" program.
During the meeting, the Minister expressed the Egyptian government's appreciation for the economic partnership with the European Union and the elevation of relations to the level of a strategic partnership.
H.E. Dr. Al-Mashat also acknowledged the ongoing endeavors to implement the Macroeconomic Support Mechanism and budget deficit support worth 4 billion euros, which is a vital support for the state's efforts in implementing the ongoing structural reform program in coordination.
She emphasized that technical consultations with the European side are continuous in preparation for the upcoming evaluation mission, ensuring agreement on reform priorities and enhancing the developmental impact of the financing.
The two sides also discussed investment guarantee mechanisms for the private sector and efforts to activate it to attract more European investments to the local market.
Both Parties also underscored the progress made in implementing the "NWFE" program, which aims to stimulate investment in energy, water, and food projects, within the framework of the Egyptian state's endeavors for transition towards a green economy, particularly in light of the effective contributions of the European Union and European countries in providing development financing and technical support for the program's projects.
The European Commissioner affirmed the importance of this program as a model for innovative development cooperation and praised Egypt's leading role in driving the climate action and sustainable development agenda in the African continent.
In the context of enhancing transparency and information exchange, H.E. Minister Al-Mashat presented the Commissioner with a copy of the Ministry's annual report, which monitors the achievements and progress in the implementation of development projects funded by international partners and highlights the coordination efforts between various government agencies and development partners.
The two parties reaffirmed their joint commitment to strengthening the partnership between Egypt and the European Union in accordance with the priorities of the 2030 Agenda and the United Nations Sustainable Development Goals, particularly with regard to the green transition, women's economic empowerment, and enhancing economic and social resilience in light of global changes.
It is worth noting that the Egyptian-European Summit represents a turning point in the relationship between the two sides, as it witnessed the announcement of the elevation of relations to a strategic partnership.
Under this announcement, a financial package worth 7.4 billion euros was agreed upon to enhance European investments in Egypt, support the Egyptian economy, and expand the scope of cooperation within the framework of national priorities: enhancing economic stability to ensure a stable and attractive investment environment, encouraging investment and trade in a way that contributes to strengthening bilateral economic relations, developing migration and mobility frameworks to ensure the exchange of experiences and human resources in an organized and mutually beneficial manner, and expanding efforts to develop human capital.