Dr. Rania El-Mashat, Minister of Planning, Economic Development and International Cooperation, met with Ms. Celine Emart, member of the European Parliament and rapporteur of the second tranche of the total financial support package at the International Trade Committee of the European Parliament, to discuss the partnership files between Egypt and the European Union, especially at the level of the second phase of the macroeconomic support mechanism and budget deficit support, and strengthening cooperation with the European Union to finance renewable energy programs.
During the meeting, “Al-Mashat” reviewed the structural reforms implemented by the government over the past year, which contributed to enhancing macroeconomic stability, supporting resilience amid regional and international challenges, as well as enhancing the business community’s confidence in the Egyptian economy, and allowing the private sector to lead development efforts.they also discussed the second phase of the macroeconomic support mechanism and supporting the budget deficit worth 4 billion euros through a set of macroeconomic supportive policies, stimulating private sector participation, as well as encouraging green investments.
She also pointed to the positive developments at the level of GDP in the first quarter of the current fiscal year, which reached 3.5% compared to 2.65% in the corresponding quarter, explaining that the measures taken by the government throughout the year and the implementation of a clear economic and structural reform program contributed to enhancing growth and restoring it in many sectors, especially manufacturing, transportation and storage, communications and Information Technology.
Dr. Rania El-Mashat stressed that cooperation between Egypt and the European Union is an important element in the country’s efforts towards achieving sustainable development and enhancing regional stability, explaining that this cooperation strengthens cultural and economic ties and contributes to creating a better future for citizens, making partnership with the European Union a strategic priority for Egypt.
Al-Mashat discussed the most prominent areas of cooperation with the current programs that are funded through mixed financing to support various sectors including transport, water, agriculture, small and medium-sized enterprises, renewable energy, social protection, governance, civil society and capacity building, explaining that the framework of the strategic and comprehensive partnership between the Arab Republic of Egypt and the European Union sets priorities and strategic objectives to guide cooperation efforts between the two countries, following up that this partnership is consistent with the national priorities of Egypt, while addressing emerging needs, and promoting a coherent and future-oriented cooperation framework.
She touched upon the European financial package within the framework of the strategic and comprehensive partnership between Egypt and the European Union, and it is distributed according to 6 common priorities, namely, strengthening political relations, enhancing economic stability, promoting investment and trade, strengthening migration and mobility frameworks, strengthening security, and promoting human-centered initiatives such as skills development and education.
She also referred to the investment guarantees within the framework of the European fund for sustainable development plus (EFSD+), worth 1.8 billion euros and is part of the financial package worth 7.4 billion euros, adding that these guarantees will be positively reflected on increasing investment rates in Egypt, especially in priority sectors and the common interest between the two sides, especially renewable energy.
She pointed out that the Ministry of Planning, Economic Development and international cooperation is working to maximize the return from investment guarantees and to familiarize national authorities and the private sector with how to benefit from them in order to set priorities
