Latest news with #Raniaal-Mashat
Egypt Independent
12-07-2025
- Business
- Egypt Independent
Planning min. lauds significant progress in Egypt-UK development coop.
Minister of Planning, Economic Development and International Cooperation Rania al-Mashat lauded the significant progress in development cooperation between Egypt and the UK. Al-Mashat made the remarks during her participation in a farewell ceremony for British Ambassador in Cairo Gareth Bayley, whose tenure in Egypt ended. The ceremony was attended by a large number of public figures, as well as representatives of the British Egyptian Business Association (BEBA). The minister highlighted the ambassador's effective role since 2021 in advancing Egyptian-British relations and enhancing partnerships between the two countries' public and private sectors. Regarding the remarkable boom in Egyptian-British development cooperation, Mashat said the UK has backed the launch of the Nexus of Water, Food and Energy (NWFE) Program and the launch of the Hub for Advisory, Finance and Investment for Enterprises (Hafiz) platform, which serves as a new financial and technical support platform for the private sector. The minister added that the UK contributed to diversifying innovative funding sources for the public and private sectors in Egypt, strengthening financing mechanisms for small and medium-sized enterprises, in addition to supporting startups in climate action. On his part, the British diplomat commended the strong and historical ties between Egypt and the UK, both at the governmental level and within the private sectors of both nations. He shed light on the projects supported by the UK in Egypt, including the 'NWFE' program, which acts as a tool for mobilizing climate investment and advancing the country's green transition efforts.
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
20-06-2025
- Business
- Egypt Independent
Egypt ranks 9th globally, 1st in Africa for FDI in 2024
Rania al-Mashat, Egypt's Minister of Planning and Economic Development and International Cooperation, announced the launch of the World Investment Report issued by the United Nations Conference on Trade and Development (UNCTAD). The report monitors key trends in global Foreign Direct Investment (FDI) in 2024 and highlights Egypt's position among the most attractive countries for investments, driven by the Egyptian government's reforms. In a statement to the Egyptian Cabinet, the Minister revealed that the report placed Egypt ninth globally and first in Africa among the most attractive countries for FDI during 2024, attracting $47 billion in investments. The Minister clarified that this marks a significant leap for Egypt from its 32nd global ranking in 2023, which recorded $10 billion in FDI. This reflects the government's prioritization of empowering the private sector and attracting investments. She also noted the positive growth rate in the third quarter of the current fiscal year, which exceeded expectations. Al-Mashat highlighted the report's positive focus on developments in Africa, particularly in Egypt. The report specifically spotlighted the Ras El Hekma deal as an innovative model comprising two components: direct investment and a debt-swap mechanism. She added that this model came at a crucial time and demonstrates the state's ability to utilize innovative tools to attract financing and investments, deploying them in line with its national priorities. She also referred to the UNCTAD Secretary-General's address, which emphasized the importance of mobilizing financing for the private sector. In this context, Egypt hosted a major conference earlier this week on development finance and enhancing the private sector's role in achieving growth and creating job opportunities. This conference also served as a genuine platform to embody the principle of cooperation between international financial institutions and national governments in supporting the investment and development agenda. Within this framework, she affirmed that over the past five years, Egypt has successfully mobilized more than $15.6 billion for the private sector. She underscored that the relationship between trade, investment, and development is an integrated and interconnected one, and that promoting private and foreign investments is considered one of the primary means to achieve comprehensive and sustainable growth.
Egypt Independent
20-05-2025
- Business
- Egypt Independent
Egypt to receive 4 Billion euros in EU budget support
Minister of Planning, Economic Development, and International Cooperation Rania al-Mashat announced that efforts are in place alongside the European Union (EU) to implement a macroeconomic support mechanism and support the state's budget deficit with a value of four billion euros. She affirmed the Egyptian government's appreciation for the economic partnership with the EU and the upgrade of relations to a strategic partnership. Mashat added that these efforts constitute vital support for the state's efforts to implement the ongoing structural reform program. During her meeting with the European Commissioner for International Partnerships, Joseph Sikela, Mashat discussed strengthening the strategic partnership between Egypt and the European Union. She highlighted sustainable development priorities, green transformation efforts, cooperation within the the 'Team Europe' initiative, and support for the NWFE program. Mashat added that technical discussions with the European side are ongoing in preparation for the upcoming assessment mission, ensuring consensus on reform priorities and enhancing the development impact of financing. The meeting also addressed the private sector investment guarantee mechanism and efforts to activate it to mobilize more European investments into the local market.
Egypt Independent
20-05-2025
- Business
- Egypt Independent
Egypt's Planning Ministry announces 4 billion euros in budget support from EU
Minister of Planning, Economic Development, and International Cooperation Rania al-Mashat announced that efforts are in place alongside the European Union (EU) to implement a macroeconomic support mechanism and support the state's budget deficit with a value of four billion euros. She affirmed the Egyptian government's appreciation for the economic partnership with the EU and the upgrade of relations to a strategic partnership. Mashat added that these efforts constitute vital support for the state's efforts to implement the ongoing structural reform program. During her meeting with the European Commissioner for International Partnerships, Joseph Sikela, Mashat discussed strengthening the strategic partnership between Egypt and the European Union. She highlighted sustainable development priorities, green transformation efforts, cooperation within the the 'Team Europe' initiative, and support for the NWFE program. Mashat added that technical discussions with the European side are ongoing in preparation for the upcoming assessment mission, ensuring consensus on reform priorities and enhancing the development impact of financing. The meeting also addressed the private sector investment guarantee mechanism and efforts to activate it to mobilize more European investments into the local market.
