Latest news with #Mashat
Egypt Independent
8 hours ago
- Business
- Egypt Independent
PM reviews preparations for launching ‘National Economic Development Narrative'
Prime Minister Mostafa Madbouly stressed the importance of the 'National Narrative for Economic Development,' describing it as a key document, reference framework, and practical roadmap for the new economic model Egypt seeks to implement. He said the narrative aims to consolidate various policies, strategies, and targets into a unified platform that guides the government's current direction and activities. These include the government action program, strategies for foreign direct investment (FDI), industrial development, foreign trade, and the National Employment Strategy, all in line with Egypt Vision 2030. The initiative is also intended to further Egypt's economic reform agenda through greater engagement with the private sector, international institutions, and global development partners. Madbouly made the remarks during a meeting on Monday, July 28th, 2025, with Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat, held to follow up on the progress of launching the 'National Narrative for Economic Development: Policies Supporting Growth and Employment.' The prime minister praised the efforts made by the Ministry of Planning, Economic Development and International Cooperation, in coordination with all relevant ministries and entities, to finalize the narrative. He underlined that the document will serve as a roadmap for Egypt's economic development priorities in the coming years, and thanked all those involved in its preparation. During the meeting, Madbouly reviewed the key components of the narrative, which is designed to support Egypt's economic reform trajectory and address national objectives amid regional and global challenges. For her part, Mashat affirmed that, under President Abdel Fattah El Sisi's directives and with the continued supervision of the prime minister, the narrative is now in its final stages of preparation. She noted that it has been developed in full coordination with concerned national stakeholders to provide a comprehensive framework and actionable program that takes into account regional and international economic dynamics, while capitalizing on Egypt's considerable economic potential to achieve inclusive and sustainable growth. Mashat explained that the narrative is built around five core pillars: strengthening macroeconomic stability; attracting FDI; promoting industrial development and foreign trade; enhancing labor market efficiency and resilience; and advancing regional planning to support economic growth. She added that the narrative builds on the government's structural reform program launched in March 2024, which has enabled Egypt to overcome key economic challenges and utilize its competitive advantages in multiple sectors. The minister also noted that the narrative includes a set of quantitative targets translating structural reforms into macroeconomic objectives, with estimates extending through 2030 and long-term ambitions for 2050. These targets cover areas such as economic growth, job creation, FDI inflows, industrial localization, and other national priorities, she added. Mashat said that the government continues to closely monitor regional and global developments to assess their impact on Egypt's economic trajectory. She stressed that the narrative has been designed as a flexible, adaptive document capable of being updated as needed to keep public policies aligned with Egypt's development goals.
Middle East
a day ago
- Business
- Middle East
OPEN// PM reviews preparations for launching 'National Economic Development Narrative'
NEW ALAMEIN, Egypt, July 28 (MENA) – Prime Minister Moustafa Madbouli stressed the importance of the "National Narrative for Economic Development," describing it as a key document, reference framework, and practical roadmap for the new economic model Egypt seeks to implement. He said the narrative aims to consolidate various policies, strategies, and targets into a unified platform that guides the government's current direction and activities. These include the government action program, strategies for foreign direct investment (FDI), industrial development, foreign trade, and the National Employment Strategy, all in line with Egypt Vision 2030. The initiative is also intended to further Egypt's economic reform agenda through greater engagement with the private sector, international institutions, and global development partners. Madbouli made the remarks during a meeting on Monday with Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat, held to follow up on the progress of launching the "National Narrative for Economic Development: Policies Supporting Growth and Employment." The prime minister praised the efforts made by the Ministry of Planning, Economic Development and International Cooperation, in coordination with all relevant ministries and entities, to finalize the narrative. He underlined that the document will serve as a roadmap for Egypt's economic development priorities in the coming years, and thanked all those involved in its preparation. During the meeting, Madbouli reviewed the key components of the narrative, which is designed to support Egypt's economic reform trajectory and address national objectives amid regional and global challenges. For her part, Mashat affirmed that, under President Abdel Fattah El Sisi's directives and with the continued supervision of the prime minister, the narrative is now in its final stages of preparation. She noted that it has been developed in full coordination with concerned national stakeholders to provide a comprehensive framework and actionable program that takes into account regional and international economic dynamics, while capitalizing on Egypt's considerable economic potential to achieve inclusive and sustainable growth. Mashat explained that the narrative is built around five core pillars: strengthening macroeconomic stability; attracting FDI; promoting industrial development and foreign trade; enhancing labor market efficiency and resilience; and advancing regional planning to support economic growth. She added that the narrative builds on the government's structural reform program launched in March 2024, which has enabled Egypt to overcome key economic challenges and utilize its competitive advantages in multiple sectors. The minister also noted that the narrative includes a set of quantitative targets translating structural reforms into macroeconomic objectives, with estimates extending through 2030 and long-term ambitions for 2050. These targets cover areas such as economic growth, job creation, FDI inflows, industrial localization, and other national priorities, she added. Mashat said that the government continues to closely monitor regional and global developments to assess their impact on Egypt's economic trajectory. She stressed that the narrative has been designed as a flexible, adaptive document capable of being updated as needed to keep public policies aligned with Egypt's development goals. (MENA) R R N/R E E
Egypt Independent
21-06-2025
- Business
- Egypt Independent
Talks underway to disburse 2nd tranche of European aid to Egypt, worth €4 billion
Egypt's Minister of Planning, Economic Development, and International Cooperation, Rania al-Mashat, held a negotiating meeting with the relevant national authorities and representatives of the European Commission to follow up on completing the economic component of the second phase of the Macroeconomic and Budget Support Mechanism, valued at four billion euros. The Friday meeting discussed the structural reforms required for the second phase, in preparation for a final agreement on the executive measures required by national authorities, in light of the European Parliament's vote to approve the final reading of the resolution, paving the way for the disbursement of the second tranche of financial support. Mashat said that the meeting comes as part of the ongoing coordination between the government and the Commission, regarding the implementation of the second phase of the Macroeconomic Support Mechanism, which builds on the one euro billion in funding provided during the first phase, which was disbursed in December 2024. She added that the Investment Guarantee Mechanism, launched during the 'Development Financing to Empower the Private Sector' conference, opens the door to new foreign investment through guarantees amounting to €1.8 billion. Mashat emphasized that the reforms implemented by the government are based on a clear vision to enhance competitiveness, support the private sector, and simplify the legislative and regulatory environment, contributing to attracting more local and foreign investment. She explained that the Macroeconomic and Budget Support Mechanism (MFA) is part of the European package announced during the Egypt-EU summit in March 2024. The package totals €7.4 billion, including five billion euros in direct budget support until 2027, €1.8 billion in investment guarantees, and €600 million in development grants. The European Council is expected to vote on the decision in the coming days, paving the way for the disbursement of the second tranche, which will support the government's efforts to implement its economic and development programs and enhance the Egyptian economy's ability to confront regional and international challenges. Edited translation from Al-Masry Al-Youm
Egypt Independent
14-06-2025
- Business
- Egypt Independent
Al-Mashat discusses economic and investment ties with UK ambassador
Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat met with British Ambassador to Egypt Gareth Bayley to discuss ways to boost economic and investment relations and diversify financing mechanisms from British financial institutions for the private sector. The meeting focused on ongoing cooperation between the two countries in the field of sustainable green transformation. Mashat highlighted the strong economic ties between Egypt and the United Kingdom, both at the governmental level and in terms of private sector relations with British financial institutions. She emphasized Egypt's commitment to further developing bilateral relations across various sectors. Regarding the Development Policy Financing (DPF) program, Mashat commended the UK's role in supporting Egypt's structural reforms through the program, which is being implemented in partnership with the World Bank. She also discussed cooperation under Egypt's national platform for the 'NWFE' program, which aims to drive climate investments in water, food, energy, and sustainable transport, in addition to preparations for the COP30 climate conference scheduled to be held in Brazil. On empowering the private sector, Mashat noted that the UK has played an active role in launching the 'Hafez' platform, which enhances financial and technical support for both local and foreign private sector entities. The platform offers a range of initiatives and programs, including the Climate Finance Accelerator (CFA) and the A2D program, which supports clean energy research and development. Mashat pointed out that trade relations between Egypt and the UK have grown significantly in recent years, as reflected in trade figures. 'Bilateral trade reached approximately £4.7 billion in 2024, indicating the strength of the economic partnership,' according to her. She highlighted that Egypt is now the 48th largest trading partner of the UK globally and that the UK ranks as one of Egypt's largest foreign investors. On expanding the scope of British financial institutions' programs, the two sides discussed broadening the partnership in developmental cooperation programs and diversifying innovative financing sources for both public and private sectors, including mechanisms to finance small and medium-sized enterprises (SMEs). Mashat invited the British ambassador to participate in an upcoming conference on development financing for private sector empowerment, organized by the Ministry of Planning, Economic Development and International Cooperation on Sunday. The Egyptian-British relationship is multifaceted, with many British companies investing in Egypt. In 2020, the Egyptian planning ministry and the UK's Department for International Development issued a joint statement to strengthen economic ties between the two countries as part of the UK-Africa Investment Summit. British financial institutions, including the British International Investment (BII), UK Export Finance, the British-Egyptian Business Association (BEBA) and the Egyptian-British Chamber of Commerce, have previously participated in the ministry's 'Strengthening Engagement with the Business Community for Innovation and Development' meetings, aimed at deepening relations between private sector companies and financial institutions. BII's investments in Egypt currently total $850 million across more than 70 companies.
Shafaq News
28-05-2025
- Politics
- Shafaq News
'Hot summer' for Israel: Houthis vow more attacks after Sanaa raid
Shafaq News/ On Wednesday, Yemen's Houthi movement (Ansarallah) warned of a 'hot summer' for Israel following an airstrike on Sanaa International Airport. Houthi political leader Mahdi al-Mashat, who visited the site after the strike, pledged intensified retaliation and reaffirmed support for Palestinians in Gaza. 'We will not retreat or surrender.' Mashat also warned Israeli Prime Minister Benjamin Netanyahu that Yemeni missiles would bypass Israeli air defenses. 'Our missiles will reach their targets. Shelters will not protect you,' he asserted, adding that commercial flights to and from Ben Gurion Airport could also be at risk. The airstrike marked Israel's tenth on Yemen since the outbreak of the Gaza war, with previous raids targeting cement plants, energy infrastructure, and ports. However, Israeli media have reported growing domestic criticism over the raids' limited deterrent effect.
