Al-Mashat Delivers Egypt's Statement at EBRD Board of Governors Plenary Session

See - Sada Elbalad

16-05-2025

SEENEWS
Press Release
May 16, 2025
*Minister of Planning, Economic Development and International Cooperation Delivers Egypt's Statement at the EBRD Board of Governors Plenary Session*
_*"Al-Mashat":*_
_• Our partnership with the EBRD is based on a shared commitment to achieving economic development, regional integration, and promoting South-South cooperation._
_• The EBRD supports Egypt's regional leadership as a hub for clean energy, manufacturing, and green transition._
_• The national narrative for economic development aims to build a more resilient and attractive competitive economy for investments._
_• Empowering the private sector represents a fundamental pillar in Egypt's economic reform agenda._
_• Egypt is committed to the approach of economic and structural reform, fiscal discipline, and creating space for the private sector._
H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation and Egypt's Governor at the European Bank for Reconstruction and Development (EBRD), delivered Egypt's statement at the plenary session of the Bank's Board of Governors.
This took place during her participation in the EBRD's 34th Annual Meetings and Business Forum 2025, held in the United Kingdom from May 13 to 15.
H.E. Dr. Rania Al-Mashat emphasized the continued strong partnership between the Arab Republic of Egypt and the EBRD, reflecting the global context and national strategic priorities.
H.E. Minister Al-Mashat noted that the EBRD is a development partner and one of the most important multilateral development banks working with Egypt to empower the private sector, enhance resilience, and drive the green transition.
H.E. Dr. Al-Mashat highlighted that over the past year, Egypt has maintained its position as the largest country of operations for the Bank in the Southern and Eastern Mediterranean (SEMED) region for the seventh consecutive year. This is evidence of the strength of the partnership and the significant transformation witnessed by the Egyptian economy within the framework of ongoing economic and structural reforms.
H.E. Dr. Al-Mashat pointed out Egypt's adoption of a comprehensive economic reform agenda aimed at laying the foundations for a more resilient and inclusive economy. This agenda reflects a new national vision aimed at deepening the role of the private sector, enhancing the quality and inclusivity of growth, and enabling Egypt to deal with an increasingly complex global economic environment.
H.E. Minister Al-Mashat added that at the core of this transformation, Egypt is moving towards a new growth model that is more competitive, diversified, and export-oriented, stressing the importance of strategic transformation to achieve sustained gains in productivity, expand access to global markets, and generate higher quality job opportunities.
H.E. Dr. Al-Mashat touched on the National Economic Development Narrative, currently being prepared by the Ministry of Planning, Economic Development and International Cooperation within the framework of Egypt's Vision 2030. The narrative aims to empower the private sector, promote sustainable and inclusive growth, and build a more competitive and resilient economic structure by maintaining macroeconomic stability, improving the business environment, supporting competitive sectors, developing industry, and investing in human capital and capacity building.
H.E. Dr. Al-Mashat referred to the National Structural Reform Program, which is based on three main pillars: enhancing resilience and macroeconomic stability, improving competitiveness and the business environment, and supporting economic diversification and the green transition. H.E. mentioned that these pillars form the basis for achieving sustainable development and qualitative growth, with a strong focus on social justice and inclusion.
H.E. Minister Al-Mashat underscored that enhancing private sector participation represents a fundamental component of Egypt's reform agenda, where the reliance on state-led growth is being shifted towards the private sector in key industries. She stressed the necessity of this strategic shift to drive sustainable and inclusive growth, adding that the government aims to increase the private sector's contribution to economic activity, targeting a 65% share within the next three years.
H.E. Dr. Al-Mashat affirmed that as a result of these domestic reforms, 2024 marked the first year in which concessional financing directed to the private sector exceeded that allocated to the government, representing a significant milestone in Egypt's economic transformation.
H.E. Minister Al-Mashat reviewed the partnership with the EBRD to empower the private sector, improve the governance of public-private partnerships, and prepare bankable projects across various sectors. She also referred to Egypt's country platform "NWFE" (Nexus on Water, Food and Energy), where the EBRD is a key partner in the energy sector. Through joint efforts, $3.9 billion has been mobilized in the past two years for the energy sector to implement renewable energy projects.
H.E. Dr. Rania Al-Mashat also highlighted the EBRD's role in supporting Egypt to enhance its leadership as a hub for industry and green energy, connecting African, Arab, and European markets and supporting sectors with high green export potential, such as green hydrogen, sustainable textiles, and climate-smart agriculture.
H.E. Minister Al-Mashat added that as a result of a balanced approach of fiscal discipline and structural reforms, economic growth is expected to reach 4% for the fiscal year 2024/2025, with targeted policies and financing mechanisms also working to accelerate development efforts. She noted that the economic growth rate began to rise, recording 4.3% in the second quarter of the fiscal year 2024/2025, up from 2.3% in the corresponding quarter of the previous fiscal year.
Al-Mashat clarified that key sectors showed strong performance, with the tourism sector growing by 18% with more than 4.41 million visitors, in addition to the expansion of the information and communication technology sector by 10.4%. She affirmed Egypt's continued commitment to economic reform, prioritizing private sector development, fiscal discipline, and structural transformation.
H.E. Minister Al-Mashat reiterated that Egypt values its strong partnership with the EBRD, which is based on a shared commitment to economic development, regional integration, and South-South cooperation, noting Egypt's support for the Bank's expansion in sub-Saharan Africa and Iraq as an important step towards enhancing regional stability and development.
H.E. Dr. Al-Mashat explained that the ongoing reforms at the EBRD are capable of enhancing the Bank's financial resilience and aligning it with evolving multilateral strategies. They will also enable more effective access to development financing, greater private sector participation, and the creation of a stronger and more responsive development model, noting Egypt's support for the Strategic and Capital Framework (SCF), which focuses on gender, green transition, and governance, with the engagement of the private sector and digital transformation as key enablers, aligning with the joint strategy between Egypt and the Bank.
H.E. Dr. Al-Mashat concluded Egypt's statement with the significance of deepening the focus on the impact of transition, resilience, and innovation in the EBRD's next strategic cycle, affirming Egypt's readiness to support the Bank in expanding its regional operations and leveraging platforms such as the Global Gateway initiative and just transition initiatives to maximize its impact.
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