Latest news with #RaniaAlMashat
Zawya
a day ago
- Business
- Zawya
Egypt calls for greater private sector role, debt swaps at G20 meeting
Egypt participated in the drafting and launch of the G20 Development Working Group Ministerial Declaration in South Africa, which called for enhancing domestic resource mobilisation and innovative financing mechanisms to address global challenges. The declaration, issued at the conclusion of the ministerial meeting, affirmed that development financing is a core priority and highlighted the urgent need to address illicit financial flows and strengthen the role of multilateral financing. Minister of Planning, Economic Development and International Cooperation, Rania Al-Mashat, represented Egypt at the meeting. In her remarks, Al-Mashat highlighted the need to expand blended finance, public-private partnerships, and debt-for-development swap programmes, pointing to Egypt's experience with Italy, Germany, and China as a successful and replicable model. She stressed the importance of allowing the private sector to play an effective role in development financing, improving the governance of international financial institutions, and strengthening the United Nations' role in global economic structuring. She also called for updating the basis for calculating Debt Sustainability Analysis (DSA) to ensure a fairer assessment for developing countries. Between 2020 and May 2025, Egypt mobilised approximately $15.6bn for private sector financing from international partners, with $4bn allocated to the private sector within the 'NWFE' country platform, the ministry said. Al-Mashat also noted Egypt's experience in launching the 'Country Approaches for Financing Sustainable Development and Climate Action' initiative, which it co-leads with South Africa and various U.N. and international bodies. The initiative aims for 100 countries to implement integrated financing programmes funded by public, private, and philanthropic sources by 2030. 'We look forward to translating the outcomes of the development ministers' meeting into effective practices and tangible policy progress to ensure a more sustainable future for all countries,' Al-Mashat said. The G20 reaffirmed its commitment to the 2030 Agenda for Sustainable Development and its pledge to confront global challenges from debt to climate change and the SDG financing gap, which stands at an estimated $4.5 trillion annually. Egypt has been a recurring guest nation at the G20 since 2016. South Africa, which holds the G20 presidency until November 2025, has invited Egypt to participate in working groups and ministerial meetings for the duration of its tenure.
Zawya
2 days ago
- Business
- Zawya
Minister of Planning, Economic Development, and International Cooperation Discusses Future Economic, Trade, and Investment Relations with British Minister for International Development Between The Two Countries
H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, held a discussion session with Baroness Jenny Chapman, UK Minister of State for International Development, during the G20 Development Ministers' Meeting in South Africa. The meetings witnessed extensive discussions on the future of economic, trade, and investment relations between the two countries in light of their close partnership, as well as joint coordination in international forums to advance efforts to restructure the global financial system and review proposed efforts to restructure the working mechanisms of the United Nations, as well as discussing the outcomes of the 4th International Conference on Financing for Development in Seville. During the meeting, both sides expressed their anticipation of the upcoming visit to Cairo announced by the UK Prime Minister's Office, which will represent a qualitative shift in bilateral Egyptian-British relations, elevating them to a strategic partnership level, in addition to its role in opening up avenues for cooperation across various levels between the two sides. It is also an extension of the strategic partnership between Egypt and the European Union, which was announced in 2024. During the meeting, the two ministers agreed on the need to activate the recommendations issued by various international forums to restructure the global financial system, ensuring a more efficient and fair financial architecture, especially for developing countries, achieving greater transparency in financing mechanisms, and expanding concessional financing. They also discussed proposals for restructuring the working mechanisms of the United Nations system to make it more influential in the global economy, emphasizing the need to adopt comprehensive coordination and follow-up mechanisms to ensure sustainability and enhance national participation in UN efforts. The meeting witnessed extensive discussions on various aspects of the partnership between the Arab Republic of Egypt and the United Kingdom, particularly in terms of trade exchange, British investments in Egypt, economic relations, and development cooperation. H.E. Dr. Al-Mashat reaffirmed Egypt's keenness to develop these relations and build on the pioneering results achieved over the past years, particularly in food security, support for start-ups, and small and medium enterprises. The two sides reviewed frameworks for bilateral cooperation in the field of development finance, the UK's contribution to financing development policies through the World Bank, as well as the role of UK Export Finance (UKEF) which supports project financing in Egypt, and the financing mechanisms provided by British International Investment (BII), which considers Egypt one of its priority markets. In this context, the Minister of Planning, Economic Development and International Cooperation reviewed preparations for launching the 'National Narrative for Economic Development,' which is an executive program to promote structural transformation in the Egyptian economy toward tradable sectors, encourage foreign direct investment, industrial development, and support labor market and employment. H.E. noted that since March 2024, the government has implemented economic and structural reforms that have contributed to macroeconomic stability and created a favorable investment climate and business environment. The two sides also discussed close cooperation within the framework of the Egyptian National Platform for Green Projects, the 'NWFE' program, which focuses on linking water, food, and energy nexus, particularly through BII and its financing to support energy and green hydrogen projects. In addition to the UK's role in providing support and assistance to global climate funds, represented by the Climate Investment Funds (CIF) and the Green Climate Fund (GCF). Additionally, the meeting highlighted the launch of the 'Green Growth: Egypt–UK' campaign in June 2025, which will continue until COP30 Climate Conference to accelerate green economy partnerships. Given that the UK is one of the largest investors in Egypt in sectors in the energy, telecommunications, pharmaceuticals, and consumer goods, and in light of the Memorandum of Understanding signed in 2024 between the Egyptian General Authority for Investment and Free Zones (GAFI) and UKEF to strengthen investment relations, the two ministers explored the significant role of the Egyptian-British Business Association (BEBA) and the Egyptian-British Chamber of Commerce (EBCC) in connecting companies, facilitating investment, and enhancing trade exchange between the two countries. For her part, the British Minister emphasized the diverse historical relations between the two countries, which share close ties and cooperation across various fields. H.E. also praised Egypt's significant efforts in addressing the humanitarian crisis facing Palestinians in Gaza and the role of the Egyptian leadership in delivering humanitarian aid to the Strip, affirming her country's full support for these efforts. She expressed her hope for reaching an immediate and sustainable ceasefire that would allow safe and regular delivery of aid. Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation - Egypt.
Zawya
4 days ago
- Business
- Zawya
Egypt: Minister of Planning, Economic Development, and International Cooperation Discusses Developments in Joint Economic Relations with Norwegian Minister of International Development and Dutch Deputy Minister of Development
H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, met with H.E. Mr. Åsmund Aukrust, Minister of International Development of the Kingdom of Norway. The two sides reviewed ways to strengthen cooperation opportunities between the two countries and discussed a number of joint issues. This meeting took place during her representation of the Arab Republic of Egypt at the Fourth G20 Development Working Group (DWG) Meeting and the G20 Ministerial Meeting on Development. These meetings are being held under South Africa's G20 presidency from July 20 to 25, 2025, under the theme "Solidarity, Sustainability and Equality" in South Africa. During the meeting, H.E. Dr. Rania Al-Mashat lauded the Egyptian-Norwegian relations, and noted that the two countries have strengthened and deepened bilateral ties across various sectors, including renewable energy and regional stability efforts. H.E. Dr. Al-Mashat highlighted that the extended partnership between the governments of Egypt and Norway has been essential in boosting the economy, developing the renewable energy sector, and creating better opportunities for the Egyptian economy. H.E. Dr. Rania Al-Mashat emphasized Egypt's commitment, with its expanding economy and attractive investment climate, to attracting new foreign partnerships and investments that can drive innovation, economic growth, and sustainable development. H.E. Dr. Al-Mashat pointed to the most prominent areas of cooperation with the Norwegian side, which include the oil, energy, gas, maritime transport, shipping, and shipbuilding sectors, in addition to fisheries and aquaculture. She noted that Egypt is keen to expand these areas of cooperation, and highlighted that the Egyptian-Norwegian partnership in promoting investments in the renewable energy sector was a central focus of H.E. President Abdel Fattah El-Sisi's historic visit to the Kingdom of Norway in December 2024. H.E. Minister Al-Mashat added that the shared goals and mutual respect characterizing the bilateral relations between Egypt and Norway represent a model for international cooperation that will be built upon in the coming years. She further stated that Norway's commitment to sustainability and international cooperation aligns with Egypt's Vision 2030 and green transformation goals. H.E. Dr. Al-Mashat pointed out that the cooperation between the two countries in green hydrogen and renewable energy, which includes several prominent projects. These include a green ammonia production project from green hydrogen, a green methanol production project in the Suez Canal Economic Zone, in addition to a number of funded projects in various fields. These contribute to creating decent job opportunities for youth in cooperation with the International Labour Organization and the Norwegian Ministry of Foreign Affairs, and promoting health and combating violence against women in Egypt in cooperation with the United Nations Population Fund. H.E. Minister Al-Mashat affirmed Egypt's keenness to involve the private sector, especially in strategic sectors such as renewable energy, green hydrogen, maritime industries, and technology. She noted that the country provides a stable investment climate, competitive incentives, and access to key regional markets, making it an ideal gateway for Norwegian and other international companies seeking to expand into the Middle East and Africa. She also referred to the cooperation between Egypt and Scatec, and mentioned that Egypt and Norway have historically strong economic ties, which have translated into tangible projects benefiting both economies. H.E. Dr. Al-Mashat outlined that the new partnerships with Scatec enhance active cooperation between the public and private sectors and development partners, aiming to promote green transformation. She noted Scatec's contribution to the implementation of the Benban Solar Park, one of the largest solar parks in the world, and the first green hydrogen plant in the Suez Canal Economic Zone, in cooperation with the European Bank for Reconstruction and Development and other partners. H.E. Dr. Al-Mashat also pointed to the efforts of the Ministry of Planning, Economic Development, and International Cooperation in continuing to support international partnerships and mobilize local and international financing to promote green transformation in Egypt and increase the number of environmentally friendly projects. She pointed out that the cooperation portfolio with Scatec includes a number of projects under the energy sector of the "NWFE" program, including the green hydrogen project in Egypt, the green ammonia production project in Damietta, the 1 GW solar power project with battery energy storage solutions (BESS), and a 1 GW solar power plant for the aluminum complex in Naga Hammadi. Egyptian-Dutch Relations On another note, H.E. Dr. Rania Al-Mashat met with H.E. Ms. Pascalle Grotenhuis, Netherlands' Vice Minister for International Development, to discuss strengthening Egyptian-Dutch relations and developments in the partnership between the two countries. During the meeting, Dr. Rania Al-Mashat affirmed that Egypt and the Netherlands have deep-rooted political, cultural, and economic relations spanning several decades. These relations have witnessed significant momentum and growing cooperation at various levels in recent years. H.E. Dr. Al-Mashat noted that the economic cooperation between the two countries has been an important axis in bilateral relations, with the Netherlands providing over 407 million Euros in development financing to Egypt since 1975. This assistance has contributed to supporting many vital sectors, including agriculture and irrigation, health and social affairs, transport, electricity, housing, tourism, education, and local development. She stated that the Netherlands is one of Egypt's main trading partners within the European continent, with bilateral trade amounting to approximately one billion Euros annually. Both sides aim to expand this cooperation and diversify its areas, especially given the available opportunities for economic integration between the two countries. H.E. Dr. Al-Mashat highlighted the "Orange Corners" program, implemented in cooperation with the Dutch side and the private sector, to support entrepreneurs in the Nile Delta and Upper Egypt governorates. After the success of the first three-year phase, the program is now in a new cycle extending from 2024 to 2028, reflecting the shared interest of both countries in achieving inclusive economic growth and providing job opportunities for youth. The two sides also reviewed developments in cooperation in the fields of water and climate following the Memorandum of Understanding signed between the Egyptian and Dutch governments in October 2024, to enhance cooperation in coastal resource management and adaptation to climate change. Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation - Egypt.
Zawya
6 days ago
- Business
- Zawya
Meetings Convene in South Africa.. Dr. Rania Al-Mashat Represents the Arab Republic of Egypt at the G20 Development Ministerial Meeting and the First Global Ministerial Meeting for Small and Medium-Sized Enterprises Organized by the United Nations International Trade Centre
H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, arrived in South Africa to represent the Arab Republic of Egypt at the 4th meeting of the G20 Development Working Group (DWG) and the G20 Development Ministerial Meeting, held under South Africa's G20 Presidency, themed 'Solidarity, Sustainability, and Equality,' with the participation of representatives from G20 countries, and a number of representatives of relevant governments and organizations. The meetings address several important issues, most notably the fundamental principles of global public goods and public investment, in addition to discussing mechanisms for mobilizing development financing and ways to implement them, with focus on building global resilience through the provision of comprehensive social protection. The meetings also discuss the outcomes of the 4th International Conference on Financing for Development, which recently held in Seville, Spain. H.E. Dr. Rania Al-Mashat is also participating in the First Global Ministerial Meeting for Small and Medium-Sized Enterprises (SMEs) organized by the United Nations International Trade Centre (ITC), which is also being held in conjunction with South Africa's G20 Presidency. The meeting aims to establish strategic global partnerships to enhance trade, technology, and investment opportunities for SMEs, and accelerate their growth and integration into global markets. Dr. Rania Al-Mashat is scheduled to participate in numerous events and panel discussions, in addition to holding bilateral meetings with development partners and government representatives to explore avenues to strengthen joint cooperation to advance development efforts in Egypt and enhance international partnerships. H.E. will also present the outcomes and efforts of the Ministerial Group on Entrepreneurship in supporting the startup ecosystem. The meeting will also witness the launch of the 2025 SME Competitiveness Outlook Report, which provides practical insights on how digital tools and innovation can empower SMEs to succeed in the global economy. The first Global Ministerial Meeting for SMEs will witness the participation of Ms. Pamela Coke-Hamilton, Executive Director of the International Trade Centre (ITC), Ms. Amina J. Mohammed, Deputy Secretary-General of the United Nations, and numerous representatives of governments and international organizations. Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation - Egypt.
Zawya
7 days ago
- Business
- Zawya
World Bank proposes Egypt join new global health initiative
Egypt and the World Bank have discussed strengthening cooperation to support the country's economic development, with the bank proposing that Egypt join a new global health initiative, the planning ministry said on Tuesday. The proposal was made during a meeting between Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, and the World Bank's Regional Director for Egypt, Yemen, and Djibouti, Stephane Guimbert. According to a ministry statement, Guimbert presented an overview of a new World Bank-led global health initiative that aims to expand basic health coverage to an additional 1.5 billion people in middle- and low-income countries. He raised the idea of Egypt joining as a key participant, citing the country's significant progress in health sector reforms, particularly the implementation of its Universal Health Insurance system, which is one of the largest social protection projects in the region. For her part, Al-Mashat emphasized the importance of the partnership with the World Bank Group as a 'knowledge partner' to the Egyptian government. She highlighted joint efforts to develop a comprehensive implementation plan to achieve economic development, support macroeconomic stability, promote industrial development, mobilise foreign direct investment (FDI), and increase investment in human capital. The minister also outlined the government's national narrative for economic development, a framework which she said aims to create a unified development discourse. Its pillars include preparing a National Strategy for Industrial Development to increase exports, enhancing the value-added of manufacturing, expanding the green economy's contribution to GDP, and promoting investment in human capital. The meeting also covered updates on the World Bank's existing portfolio in Egypt, including the Universal Health Insurance Project, the Sustainable Rural Sanitation Services Programme, the Takaful and Karama social safety net programme, the Upper Egypt Local Development Program, and the Cairo-Alexandria Trade Logistics Development Project. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
