Egypt, EU discuss 2nd phase of €4bn macro-financial assistance; mission expected late May
Rania Al-Mashat, Egypt's Minister of Planning, Economic Development, and International Cooperation, and Annika Eriksgard, Director-General for Economic and Financial Affairs at the European Commission, held a video conference meeting to follow up on the implementation of this second phase. The meeting was part of a series of negotiation meetings conducted by the ministry concerning the economic aspects of structural reform procedures linked to the MFA's second tranche, valued at €4bn.
Discussions during the video conference centred on the structural reform measures that the Egyptian state aims to implement. These reforms are overseen by the Ministry of Planning, Economic Development and International Cooperation, in coordination with various national entities, and fall under three main pillars: strengthening macroeconomic resilience and stability, improving the business environment and investment climate, and promoting the transition to a green economy.
The meeting also addressed preparations for the upcoming visit of a European Commission delegation to Egypt at the end of May. The delegation is scheduled to hold a number of meetings with various national entities to finalize the procedures related to the second tranche of the mechanism.
During the meeting, Al-Mashat praised 'the significant progress in Egyptian-European relations since the joint summit held last March, the elevation of relations to the level of strategic partnership, as well as the full coordination between various national and European entities to implement the main pillars of the comprehensive partnership between Egypt and the European Union.'
Al-Mashat emphasized that 'the economic aspect is of great importance in light of the great importance the Egyptian state attaches to strengthening economic relations with international partners to meet the requirements of national development and moving forward with the implementation of the national program for structural reforms to improve the business environment and stimulate the investment climate.'
The Ministry of Planning, Economic Development, and International Cooperation is responsible for implementing the economic aspect of Egyptian-European relations. These efforts are particularly focused on the Macro-Financial Assistance mechanism and budget support, as well as an investment guarantees mechanism.
In December, Al Mashat announced that the European Commission had approved the disbursement of €1bn as part of the Macro-Financial Assistance (MFA) mechanism. This sum constitutes the first phase of a total funding package of €5bn.
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