
Egypt Strengthens Economic Partnership with Bahrain
Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, participated in the Egyptian-Bahraini Governmental Committee meeting on trade, economic, scientific, and technical cooperation, held in the Kingdom of Bahrain.
The meeting was chaired by Mr. Ahmed Kouchok, Minister of Finance, and Sheikh Salman bin Khalifa Al Khalifa, Minister of Finance and Economy in Bahrain, with the participation of Eng.
Hassan Al-Khatib, Minister of Investment and Foreign Trade, and representatives from both governments and the business sector of the two countries.
In her speech, Al-Mashat emphasized the close partnership with Bahrain, highlighting the government's commitment to strengthening ties between the two countries across various economic, commercial, and investment fields.
The trade exchange between the two countries reached approximately $661.4 million in 2024.
Al-Mashat also pointed out Bahraini investments in Egypt in sectors such as finance, industry, construction, agriculture, tourism, services, and information and communications technology, in addition to Egyptian investments in Bahrain, which are concentrated in real estate and tourism.
She clarified that Egypt welcomes investors from Bahrain, offering numerous investment opportunities and enhancing cooperation in the field of entrepreneurship and startups, in line with the Egyptian government's focus on this vital sector and the establishment of a specialized ministerial group.
The Egyptian minister commended the joint efforts to convene the second session of the committee, despite the complex political, developmental, and economic challenges faced by the Arab region, which represents a pivotal stage in shaping the future of our peoples and future generations.
She noted that the world today is experiencing shared challenges, geopolitical tensions, and a decline in many development indicators, making it necessary to develop global financing systems to be more just, efficient, and effective.
Al-Mashat affirmed that, in light of these global developments, the importance of such high-level joint committees is underscored, representing an essential platform for dialogue and shared thinking to benefit from successful experiences across all fields and levels.
H.E. Minister Al-Mashat also highlighted national efforts to enhance macroeconomic stability and improve the business environment amid regional and global economic developments, setting ambitious developmental goals through Egypt's National Sustainable Development Plan: Egypt Vision 2030, which reflects the three dimensions of sustainable development: economic, social, and environmental.
She mentioned the Ministry's plan, in cooperation with the United Nations Development Programme, to launch the second phase of the localization reports for the Sustainable Development Goals (27 reports for Egyptian governorates), which serve as an essential tool for decision-makers and policymakers to direct development efforts effectively and respond to local needs, ultimately boosting inclusive and sustainable growth nationwide.
Al-Mashat reiterated that the Ministry of Planning, Economic Development, and International Cooperation is working on preparing a comprehensive executive plan aimed at promoting sustainable growth, macroeconomic stability, and job creation by focusing on improving the business environment and supporting trade-exchangeable sectors through the adoption of corrective fiscal and monetary policies, as well as the governance of public investments to allow space for the private sector—building a more dynamic, flexible, and competitive economy through increased investments.
H.E. Minister Al-Mashat added that Egypt continues its efforts to implement economic and structural reforms since 2016, to enhance economic competitiveness, improve the business environment, and increase the macroeconomy's ability to withstand external shocks, support the green transition, and open up future prospects for inclusive and sustainable development, maximizing benefits from developmental partnerships financially and technically.
These reforms are based on five main pillars: 1) strengthening macroeconomic stability, 2) restructuring Egypt's economic production through focusing on the real economy sectors, 3) improving competitiveness and the business environment, 4) supporting the green transition, and 5) improving labor market efficiency and the vocational education and training system.
Dr. Al-Mashat emphasized that these interventions have reflected positively on economic growth indicators, with the non-petroleum manufacturing sector leading positive growth after a period of decline.
The industrial production index grew following a series of declines starting from the third quarter of fiscal year 2021/2022. Private sector investments grew in the first quarter of the current fiscal year, accounting for 63% of total investments, with this positive momentum reflected in the Purchasing Managers' Index for January 2025, which achieved its best performance in 4 years, scoring 50 points, surpassing the neutral zone.
Dr. Al-Mashat also reviewed inflation rates, the rise in remittances from Egyptians abroad, continued growth in foreign direct investment, growth in tourism revenues, and the increase in foreign exchange reserves.
Dr. Al-Mashat pointed to the Egyptian labor market situation, noting that 2023 was one of the best years following the COVID-19 pandemic since 2020, as the Egyptian labor market was able to absorb around one million jobs.
One of the key sectors to absorb this number of jobs was manufacturing, which alone accounted for 255,000 jobs, or about 25% of the total jobs created.
The indicators show the recovery of Egypt's economic growth in the last quarter of 2023/2024, continuing into the first quarter of the current fiscal year 2024/2025 (with a growth rate of 3.5%).
This growth was driven by significant improvements in key economic activities such as manufacturing, electricity, and the banking sector.
It is expected that economic activity will continue to improve in the coming period, with the government committed to continuing effective measures to support macroeconomic stability, contain inflation, and stimulate private sector activity.
Dr. Al-Mashat mentioned that Egypt continues to implement structural reforms by applying good governance rules, enhancing investment spending efficiency, and setting a ceiling for public investments, which is one trillion Egyptian pounds for the fiscal year 2024/2025. The private sector is expected to account for 50% of total investments, compared to 43% in the previous year 2023/2024.
Al-Mashat confirmed that Egypt possesses many competitive advantages that enhance its ability to attract and increase foreign investments, including favorable infrastructure such as roads, ports, maritime transport, airports, and industrial and renewable energy complexes.
She highlighted a series of ambitious steps and measures being implemented to improve the investment climate, empower the private sector, and overcome challenges faced by investors.
Some of the key measures include the implementation of new tax policies, providing incentives for companies, issuing golden licenses, launching a national industrial strategy aimed at turning Egypt into a global industrial hub, and a national strategy for foreign direct investment in cooperation with the World Bank and development partners.
To activate this, the Egyptian government is working with the World Bank to discuss immediate actions that may be necessary to stimulate high and sustainable growth rates amid macroeconomic and external challenges. One of the key components of this cooperation with the World Bank Group is Egypt's ambitious green transition agenda.
The government has worked to increase the proportion of green public investments from 15% in the fiscal year 2020/2021, aiming to reach 50% by 2025.
On another note, H.E. Dr. Al-Mashat referred to the launch of the comprehensive national strategy for financing for development (E-INFS) in September 2024. The strategy aims to: (a) mobilize and align local public financing with national development priorities; (b) align private financing and investment; (c) align developmental cooperation; and (d) create an enabling environment and non-financial means for implementation.
The strategy includes all financing tools that the Egyptian government can use to address development gaps in various sectors.
H.E. Dr. Al-Mashat also highlighted that Egypt's distinguished national relations with development partners have provided concessional financing for the private sector amounting to more than $14.5 billion since 2020, in cooperation with multilateral and bilateral development partners.
These financing packages have been directed to support strategic sectors such as renewable energy within the "NWFE" program, small and medium enterprises, transportation, industry, agriculture, and trade, contributing to enhancing sustainable economic growth and improving the business environment.
H.E. Minister Al-Mashat concluded by stating that Egypt is continuing its strategic approach to diversify energy sources, enhance energy efficiency, and transform into a regional energy export hub by stimulating direct investments in this vital sector, alongside establishing economic partnerships with sister and friendly countries, particularly in the field of clean energy.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


See - Sada Elbalad
an hour ago
- See - Sada Elbalad
Egypt Backs Saudi French Initiative for International Conference on Palestine
H-Tayea Egyptian President Abdel Fattah El-Sisi has officially announced Egypt's support for the joint French-Saudi initiative to hold a high-level international conference focused on achieving a peaceful resolution to the Palestinian cause. The conference is scheduled to take place in New York on July 28 and 29, 2025, under the auspices of the United Nations. During a phone call on Saturday with French President Emmanuel Macron, President Sisi expressed Egypt's strong backing of the upcoming initiative and welcomed France's recent announcement regarding its intention to formally recognize the State of Palestine during the high-level segment of the UN General Assembly in September. Sisi praised the decision, describing it as a step aligned with France's longstanding efforts to implement the two-state solution, which Egypt also views as the only viable path to ensuring peaceful coexistence between Palestinians and Israelis, and securing lasting peace and stability in the region. Presidential spokesperson Ambassador Mohamed El-Shennawy said the leaders also discussed Egypt's intensive mediation efforts to reach a ceasefire in Gaza, as well as facilitate the exchange of hostages and detainees, and to ensure the adequate delivery of humanitarian aid to civilians in the Gaza Strip. President Macron reiterated France's full support for Egypt's diplomatic efforts and affirmed the need for a comprehensive and just resolution to the Palestinian issue based on international law and UN resolutions. The France-Saudi Arabia conference, to be held later this month, aims to revive momentum toward a two-state solution and promote broader international recognition of Palestinian statehood. France has stated its intent to gather international partners around the initiative to build consensus for concrete action. President Macron confirmed in a recent letter to Palestinian Authority President Mahmoud Abbas that France will formally recognize the State of Palestine during the UN General Assembly in September 2025, and that it will mobilize international partners to support the Saudi-French roadmap. The Israeli government swiftly condemned the French announcement, calling it a reward for terrorism and a disgrace to France's record, in reference to the October 7, 2023 Hamas attack on Israel. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks


Al-Ahram Weekly
2 hours ago
- Al-Ahram Weekly
North Sinai governor defends Egypt's stance on Rafah crossing, rejects claims of neglecting Gaza - Foreign Affairs
North Sinai Governor Khaled Megawer on Friday defended Egypt's handling of the Rafah border crossing, pushing back against accusations that Cairo has arbitrarily closed the crossing or failed to support Palestinians in Gaza. In an interview with Sada El-Balad TV, Megawer said Egypt operates 'within the framework of international laws and agreements' and stressed that its decisions are shaped by national and regional security considerations. 'There are international regulations and treaties, as well as regional security considerations in the Middle East that must be taken into account,' Megawer said, responding to recent public demands to 'open the Rafah crossing by force.' 'We are managing a sovereign state with utmost courage and wisdom,' he added. 'I will not jeopardize Egypt's security and thereby cause the collapse of the state, the Middle East and the whole Arab world to satisfy reckless demands.' Megawer dismissed what he called widespread misconceptions about the crossing, arguing that Egypt cannot be expected to force it open unilaterally. 'Should we go to war then? And with whom? The US?' he asked. 'Egypt has already fought four conventional wars and battled terrorism for 11 years, enduring significant economic hardship,' he said. He stressed that no one has the 'right' to question or undermine Egypt's 'commitment or sacrifices.' Megawer also recalled President Abdel-Fattah El-Sisi's early stance against the forced displacement of Palestinians following the start of Israel's genocidal war on Gaza in October 2023. 'Even when US President Donald Trump spoke about the relocation of Palestinian population to Egypt or Jordan, Egypt has reaffirmed its stance: we will not displace the Palestinian people,' he said. Israel's control over crossings The governor also sought to clarify the status of various crossings into Gaza, underscoring that many are under Israeli control. 'There are multiple crossings to Gaza with the Israeli side,' Megawer said, citing Beit Hanoun for individual travel to the occupied West Bank and Karm Abu Salem for humanitarian aid—both controlled by Israel. He added that crossings like Sufa, Nahal Oz, and Karni were closed by Israel between 2008 and 2010. 'The Rafah crossing in southern Gaza is for individuals only and has never been shut by Egypt,' he said. However, he noted that the crossing has two components—one controlled by Egypt and the other by Palestinians. The latter, he said, is currently 'shut by Israel.' 'During ceasefires, the Palestinian Authority (PA) used to manage the Palestinian-controlled side,' he added. Humanitarian aid and Egypt's burden Addressing humanitarian efforts, Megawer said Egypt has worked 'tirelessly' with international partners to deliver aid to Gaza in recent days. 'A large number of aid trucks have entered, mostly carrying essential food supplies like flour and baby formula,' he said. Despite contributions from other nations, he emphasized Egypt's outsized role: 'Egypt bears the heaviest burden—security-wise, logistically, and economically,' he said, claiming Egypt's share of aid to be about 80 or 90 percent. Since Wednesday, 444 aid trucks have entered Gaza via the Zikim and Karm Abu Salem crossings. Political mediation amid famine and war Megawer concluded by outlining Egypt's dual approach to the war: mediation and aid delivery. 'Egypt has been actively mediating ceasefire efforts in Gaza, aiming to bridge gaps between Israel and Hamas,' he said. These efforts seek a permanent ceasefire, prisoner exchanges, and the urgent and unimpeded delivery of humanitarian aid. Meanwhile, the humanitarian crisis in Gaza continues to deepen. International organizations have accused Israel of using mass-starvation as a weapon of war against the Strip's 2.3 million population, describing the situation as a 'man-made famine.' Since October 2023, Israeli genocidal war on Gaza has killed over 59,700 Palestinians, most of them women and children, and injured over 150,000 others, according to Gaza's health ministry. Follow us on: Facebook Instagram Whatsapp Short link:


Al-Ahram Weekly
2 hours ago
- Al-Ahram Weekly
More than 1.3 million return to homes in Sudan: UN - War in Sudan
More than 1.3 million people who fled the fighting in Sudan have headed home, the United Nations said, pleading for greater international aid to help returnees rebuild shattered lives. Over a million internally displaced people (IDPs) have returned to their homes in recent months, UN agencies said. A further 320,000 refugees have crossed back into Sudan this year, mainly from neighbouring Egypt and South Sudan. While fighting has subsided in the "pockets of relative safety" that people are beginning to return to, the situation remains highly precarious, the UN said. Since April 2023, Sudan has been torn apart by a power struggle between army chief Abdel Fattah al-Burhan and Mohamed Hamdan Daglo, commander of the rival paramilitary Rapid Support Forces. The fighting has killed tens of thousands. The RSF lost control of the capital, Khartoum, in March, and the regular army now controls Sudan's centre, north and east. In a joint statement, the UN's IOM migration agency, UNHCR refugee agency and UNDP development agency called for an urgent increase in financial support to pay for the recovery as people begin to return, with humanitarian operations "massively underfunded". Sudan has 10 million IDPs, including 7.7 million forced from their homes by the current conflict, they said. More than four million have sought refuge in neighbouring countries. 'Living nightmare' Sudan is "the largest humanitarian catastrophe facing our world and also the least remembered", the IOM's regional director Othman Belbeisi, speaking from Port Sudan, told a media briefing in Geneva. He said 71 per cent of returns had been to Al-Jazira state, with eight per cent to Khartoum. Other returnees were mostly heading for Sennar state. Both Al-Jazira and Sennar are located southeast of the capital. "We expect 2.1 million to return to Khartoum by the end of this year, but this will depend on many factors, especially the security situation and the ability to restore services," Belbeisi said. With the RSF holding nearly all of the western Darfur region, Kordofan in the south has become the war's main battleground in recent weeks. He said the "vicious, horrifying civil war continues to take lives with impunity", imploring the warring factions to put down their guns. "The war has unleashed hell for millions and millions of ordinary people," he said. "Sudan is a living nightmare. The violence needs to stop." 'Massive' UXO contamination After visiting Khartoum and the Egyptian border, Mamadou Dian Balde, the UNHCR's regional refugee coordinator for the Sudan crisis, said people were coming back to destroyed public infrastructure, making rebuilding their lives extremely challenging. Those returning from Egypt were typically coming back "empty-handed", he said, speaking from Nairobi. Luca Renda, UNDP's resident representative in Sudan, warned of further cholera outbreaks in Khartoum if broken services were not restored. "What we need is for the international community to support us," he said. Renda said around 1,700 wells needed rehabilitating, while at least six Khartoum hospitals and at least 35 schools needed urgent repairs. He also sounded the alarm on the "massive" amount of unexploded ordnance littering the city and the need for decontamination. He said anti-personnel mines had also been found in at least five locations in Khartoum. "It will take years to fully decontaminate the city," he said, speaking from Port Sudan. Follow us on: Facebook Instagram Whatsapp Short link: