Latest news with #andInternationalCooperation
CairoScene
3 days ago
- Business
- CairoScene
EUR 100 Million Debt Swap With Germany to Fund Projects in Egypt
The total volume of German debt allocated for conversion now exceeds EUR 340 million, with key focus areas including healthcare, vocational education, and climate-oriented initiatives. Jul 23, 2025 Egypt is moving forward with the second phase of its debt swap agreement with Germany, converting EUR 100 million into development investments. Half of the amount is set to be channelled into projects by the end of this year, with the remainder to follow by June 2026. The update was shared by Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat, who noted that the total volume of German debt allocated for conversion now exceeds EUR 340 million, with key focus areas including healthcare, vocational education, and climate-oriented initiatives. The debt swap programme is structured so that project ownership remains entirely with Egypt, and each initiative is selected to match national development priorities. German-Egyptian cooperation spans beyond this programme, with Germany maintaining investment and trade links that include more than 1,400 German companies active in the country and bilateral trade exceeding EUR 7 billion. Debt swaps, used globally, allow countries to redirect foreign debt payments into domestic investments, often in partnership with donor governments. Egypt and Germany have maintained similar agreements since the early 2000s.
Daily News Egypt
3 days ago
- Business
- Daily News Egypt
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.
See - Sada Elbalad
3 days ago
- Business
- See - Sada Elbalad
Al-Mashat Discusses Efforts to Drive Green Transformation with Africa Finance Corporation and Infinity Power
Yara Sameh H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, held a meeting with Mr. Mokhtar Abul Ata, Head of Business Development for North Africa at Infinity Power, and Mr. Eli Aluko, Investment Director at AFC Asset Management, Affiliated with the Africa Finance Corporation, to discuss enhancing joint cooperation efforts to promote green transformation and develop sustainable infrastructure in Egypt. The meeting witnessed discussions on the Climate Resilient Infrastructure Fund launched by the Africa Finance Corporation (AFC) in collaboration with the Green Climate Fund (GCF), with the aim of implementing sustainable infrastructure projects and supporting development and climate action priorities, especially in the energy and transportation sectors. Africa Finance Corporation and Infinity Power officials presented the fund's financing structure and the efforts made in recent period to mobilize concessional financing and technical support for various beneficiary countries, as well as its role in providing funding for private sector companies to strengthen their role in developing climate-resilient infrastructure projects. For her part, H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, affirmed Egypt's keenness to maximize partnerships with international institutions and climate investment funds to provide more financing for sustainable infrastructure projects, in addition to expanding private sector participation in development. Dr. Al-Mashat highlighted the coordination carried out by the Ministry of Planning, Economic Development, and International Cooperation with various national entities and development partners to put these efforts into practice, explaining that Egypt was selected among seven countries to benefit from the Climate Investment Fund (CIF) program to reduce emissions in the industrial sector under the Climate Investment Fund (CIF), which is the first global concessional financing initiative dedicated to reducing harmful emissions in the industrial sector of developing countries, with a value of $1 billion. H.E. added that selection of Egypt as one of seven countries to benefit from the Climate Investment Fund (CIF) program for emission reduction in the industrial sector confirms the international community's confidence in national strategies and efforts to enhance climate action, noting that the selection represents an important step toward enhancing the competitiveness of the Egyptian economy and attracting more climate investments. H.E. Dr. Rania Al-Mashat directed the technical sectors to strengthen communication with AFC and Infiniti officials in order to identify the details of the new fund and study the necessary steps to enhance the Egyptian private sector's benefit from the financing available through the fund. 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
See - Sada Elbalad
3 days ago
- Business
- See - Sada Elbalad
Al-Mashat, WB Regional Director Discuss Advancing Multilateral Co-op to Enhance Economic Development in Egypt
Nada Mustafa Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, held a meeting with Mr. Stephane Guimbert, Regional Director of the World Bank for Egypt, Yemen, and Djibouti, to discuss avenues to strengthen joint cooperation to achieve economic development in Egypt. The Minister of Planning, Economic Development and International Cooperation discussed with the World Bank Regional Director the joint efforts to enhance economic development by leveraging the World Bank's international expertise and capabilities, emphasizing the importance of the partnership with the World Bank Group as a knowledge partner to the Egyptian government. Where joint work is underway to develop a comprehensive implementation plan to achieve economic development in cooperation with ministries and national entities, aiming to support macroeconomic stability, provide development financing, promote industrial development and trade, mobilize foreign direct investment (FDI), and increase investment in human capital. H.E. also highlighted the Ministry's efforts to implement the national narrative for economic development, which includes several pillars such as the preparation of the National Strategy for Industrial Development, which aims to increase exports, and enhance the value-added of manufacturing industries, and expand the contribution of the green economy to the GDP, as well as on enhancing integration and coherence between the FDI strategy and industrial development, supporting the labor market strategy focused on skills, and promote investment in human capital. She pointed out that this document comes within the framework of the effort to formulate a unified development discourse that reflects the state's priorities, enhances the consistency of macroeconomic policies, and serves as a common reference for the government, international institutions, and development partners. The meeting also discussed updates regarding the World Bank's portfolio, including the Universal Health Insurance Project, the Sustainable Rural Sanitation Services Program, and the Takaful and Karama Program. Discussions also covered the latest developments in the Upper Egypt Local Development Program and the Cairo-Alexandria Trade Logistics Development Project, which is being implemented in cooperation with the National Railways Authority of Egypt (NRA). For his part, Mr. Stephane Guimbert, Regional Director of the World Bank for Egypt, presented an overview of a new global health initiative led by the World Bank, which aims to expand basic health coverage to an additional 1.5 billion people worldwide, focusing on middle- and low-income countries. The idea of Egypt joining as a key participant in this initiative was raised in light of its significant progress in health sector reforms, particularly through the implementation of the Universal Health Insurance system, which is considered one of the largest social protection projects in the region. 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
Daily News Egypt
4 days ago
- Business
- Daily News Egypt
Egypt, Germany to expand partnership with new €100m debt swap
Egypt and Germany are expanding their economic partnership with a focus on innovative financing and private sector investment, with a new €100m ($109m) tranche under a debt-for-development swap programme to be activated by mid-2026, Egypt's Planning and International Cooperation Minister said on Sunday. Speaking at a joint press conference, Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat said the visit of German Federal Minister for Economic Cooperation and Development, Reem Alabali-Radovan, sent a strong message of partnership at a time of significant global and regional sensitivity. Al-Mashat said the two countries enjoy a strategic partnership that has evolved into a comprehensive collaboration, with Germany being one of Egypt's largest European partners in development cooperation, trade, and investment. Around 1,600 German companies operate in Egypt with total investments exceeding €6 billion in sectors including the green transition and manufacturing. The trade volume between the two countries is approximately €6.8 billion. Al-Mashat highlighted several key areas of cooperation, including: DEBT-FOR-DEVELOPMENT SWAP: The total value of the Egypt-Germany debt swap programme is €340m, with the new €100m tranche to be activated in December 2025 and June 2026. The programme has funded projects in technical education, health, climate action, and water and sanitation. GREEN TRANSITION: Germany is a key supporter of the energy pillar of Egypt's 'NWFE' country platform, having allocated €258m in concessional financing, grants, and debt swaps to support the electricity network and the integration of renewable energy projects. Additionally, the German-financed PtX Development Fund provided €30m to Norway's Scatec for its green hydrogen project in the Suez Canal Economic Zone. FINANCIAL COOPERATION: A financial cooperation agreement signed in May 2025 includes a €118m funding package for technical education and the integration of renewable energy into the grid. Al-Mashat said a new round of intergovernmental negotiations will be held by the end of this year to agree on priorities for the coming period. The minister also noted that Egypt values Germany's efforts within the European Union to finalise a €5bn macroeconomic support mechanism and budget support for Egypt. Al-Mashat said her discussions with her German counterpart included increasing development financing for the private sector through German financial institutions and establishing a new platform, similar to NWFE, to mobilise international partnerships for industrial development. She also highlighted the effective partnership with the German Agency for International Cooperation (GIZ) in developing technical education to support national employment priorities. 'Egypt's economy is showing notable improvement in growth indicators, and we are working on enhancing macroeconomic stability to attract more foreign investment,' Al-Mashat said, adding that these efforts are part of a national plan to structurally transform the economy towards export-oriented sectors.
