logo

Minister of Planning, Economic Development, and International Cooperation during the Egyptian-Bahraini Governmental Committee Sessions

Zawya23-02-2025

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, participated in the Egyptian-Bahraini Governmental Committee meeting on trade, economic, scientific, and technical cooperation, held in the Kingdom of Bahrain. The meeting was chaired by Mr. Ahmed Kouchok, Minister of Finance, and Sheikh Salman bin Khalifa Al Khalifa, Minister of Finance and Economy in Bahrain, with the participation of Eng. Hassan Al-Khatib, Minister of Investment and Foreign Trade, and representatives from both governments and the business sector of the two countries.
In H.E.'s speech, Minister Al-Mashat emphasized the close partnership with Bahrain, highlighting the government's commitment to strengthening ties between the two countries across various economic, commercial, and investment fields. The trade exchange between the two countries reached approximately $661.4 million in 2024.
H.E. Dr. Al-Mashat also pointed out Bahraini investments in Egypt in sectors such as finance, industry, construction, agriculture, tourism, services, and information and communications technology, in addition to Egyptian investments in Bahrain, which are concentrated in real estate and tourism. She clarified that Egypt welcomes investors from Bahrain, offering numerous investment opportunities and enhancing cooperation in the field of entrepreneurship and startups, in line with the Egyptian government's focus on this vital sector and the establishment of a specialized ministerial group.
H.E. Minister Al-Mashat commended the joint efforts to convene the second session of the committee, despite the complex political, developmental, and economic challenges faced by the Arab region, which represents a pivotal stage in shaping the future of our peoples and future generations. She noted that the world today is experiencing shared challenges, geopolitical tensions, and a decline in many development indicators, making it necessary to develop global financing systems to be more just, efficient, and effective.
H.E. Dr. Al-Mashat affirmed that, in light of these global developments, the importance of such high-level joint committees is underscored, representing an essential platform for dialogue and shared thinking to benefit from successful experiences across all fields and levels.
H.E. Minister Al-Mashat also highlighted national efforts to enhance macroeconomic stability and improve the business environment amid regional and global economic developments, setting ambitious developmental goals through Egypt's National Sustainable Development Plan: Egypt Vision 2030, which reflects the three dimensions of sustainable development: economic, social, and environmental. She mentioned the Ministry's plan, in cooperation with the United Nations Development Programme, to launch the second phase of the localization reports for the Sustainable Development Goals (27 reports for Egyptian governorates), which serve as an essential tool for decision-makers and policymakers to direct development efforts effectively and respond to local needs, ultimately boosting inclusive and sustainable growth nationwide.
H.E. Dr. Al-Mashat reiterated that the Ministry of Planning, Economic Development, and International Cooperation is working on preparing a comprehensive executive plan aimed at promoting sustainable growth, macroeconomic stability, and job creation by focusing on improving the business environment and supporting trade-exchangeable sectors through the adoption of corrective fiscal and monetary policies, as well as the governance of public investments to allow space for the private sector—building a more dynamic, flexible, and competitive economy through increased investments.
H.E. Minister Al-Mashat added that Egypt continues its efforts to implement economic and structural reforms since 2016, to enhance economic competitiveness, improve the business environment, and increase the macroeconomy's ability to withstand external shocks, support the green transition, and open up future prospects for inclusive and sustainable development, maximizing benefits from developmental partnerships financially and technically. These reforms are based on five main pillars: 1) strengthening macroeconomic stability, 2) restructuring Egypt's economic production through focusing on the real economy sectors, 3) improving competitiveness and the business environment, 4) supporting the green transition, and 5) improving labor market efficiency and the vocational education and training system.
H.E. Dr. Al-Mashat emphasized that these interventions have reflected positively on economic growth indicators, with the non-petroleum manufacturing sector leading positive growth after a period of decline. The industrial production index grew following a series of declines starting from the third quarter of fiscal year 2021/2022. Private sector investments grew in the first quarter of the current fiscal year, accounting for 63% of total investments, with this positive momentum reflected in the Purchasing Managers' Index for January 2025, which achieved its best performance in 4 years, scoring 50 points, surpassing the neutral zone.
H.E. Dr. Al-Mashat also reviewed inflation rates, the rise in remittances from Egyptians abroad, continued growth in foreign direct investment, growth in tourism revenues, and the increase in foreign exchange reserves.
H.E. Dr. Al-Mashat pointed to the Egyptian labor market situation, noting that 2023 was one of the best years following the COVID-19 pandemic since 2020, as the Egyptian labor market was able to absorb around one million jobs. One of the key sectors to absorb this number of jobs was manufacturing, which alone accounted for 255,000 jobs, or about 25% of the total jobs created.
The indicators show the recovery of Egypt's economic growth in the last quarter of 2023/2024, continuing into the first quarter of the current fiscal year 2024/2025 (with a growth rate of 3.5%). This growth was driven by significant improvements in key economic activities such as manufacturing, electricity, and the banking sector. It is expected that economic activity will continue to improve in the coming period, with the government committed to continuing effective measures to support macroeconomic stability, contain inflation, and stimulate private sector activity.
H.E. Dr. Al-Mashat mentioned that Egypt continues to implement structural reforms by applying good governance rules, enhancing investment spending efficiency, and setting a ceiling for public investments, which is one trillion Egyptian pounds for the fiscal year 2024/2025. The private sector is expected to account for 50% of total investments, compared to 43% in the previous year 2023/2024.
H.E. Minister Al-Mashat confirmed that Egypt possesses many competitive advantages that enhance its ability to attract and increase foreign investments, including favorable infrastructure such as roads, ports, maritime transport, airports, and industrial and renewable energy complexes. She highlighted a series of ambitious steps and measures being implemented to improve the investment climate, empower the private sector, and overcome challenges faced by investors. Some of the key measures include the implementation of new tax policies, providing incentives for companies, issuing golden licenses, launching a national industrial strategy aimed at turning Egypt into a global industrial hub, and a national strategy for foreign direct investment in cooperation with the World Bank and development partners.
To activate this, the Egyptian government is working with the World Bank to discuss immediate actions that may be necessary to stimulate high and sustainable growth rates amid macroeconomic and external challenges. One of the key components of this cooperation with the World Bank Group is Egypt's ambitious green transition agenda. The government has worked to increase the proportion of green public investments from 15% in the fiscal year 2020/2021, aiming to reach 50% by 2025.
On another note, H.E. Dr. Al-Mashat referred to the launch of the comprehensive national strategy for financing for development (E-INFS) in September 2024. The strategy aims to: (a) mobilize and align local public financing with national development priorities; (b) align private financing and investment; (c) align developmental cooperation; and (d) create an enabling environment and non-financial means for implementation. The strategy includes all financing tools that the Egyptian government can use to address development gaps in various sectors.
H.E. Dr. Al-Mashat also highlighted that Egypt's distinguished national relations with development partners have provided concessional financing for the private sector amounting to more than $14.5 billion since 2020, in cooperation with multilateral and bilateral development partners. These financing packages have been directed to support strategic sectors such as renewable energy within the "NWFE" program, small and medium enterprises, transportation, industry, agriculture, and trade, contributing to enhancing sustainable economic growth and improving the business environment.
H.E. Minister Al-Mashat concluded by stating that Egypt is continuing its strategic approach to diversify energy sources, enhance energy efficiency, and transform into a regional energy export hub by stimulating direct investments in this vital sector, alongside establishing economic partnerships with sister and friendly countries, particularly in the field of clean energy.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

EBRD supports Egypt with first private-to-private electricity contracts
EBRD supports Egypt with first private-to-private electricity contracts

Web Release

time20 minutes ago

  • Web Release

EBRD supports Egypt with first private-to-private electricity contracts

Energy market reform is taking a major step forward in Egypt as the government approves the first bilateral power purchase agreements between private generators and consumers. As part of a pilot of the private-to-private (P2P) rules, developed with technical support from the EBRD to the Egyptian Electric Utility and Consumer Protection Regulatory Agency (Egypt ERA) and approved last year, four renewable energy projects with a combined capacity of 400 MW have been approved to contract directly with end-consumers of electricity. The four approved projects are: KarmSolar, which will develop a 100 MW solar plant to supply electricity to Suez Steel. AMEA Power, which is building a solar facility of the same size to serve BEFAR Group and the Suez Canal Container Terminal. TAQA PV, which will install 100 MW of hybrid capacity (solar and wind) to power operations at Ezz Steel. Enara, developing a hybrid plant to deliver 100 MW to the El Alamein Silicone Products Company and Helwan Fertilizers. The P2P rules set out the conditions under which generators can use the power grid to sell electricity directly to consumers, a major departure from the existing single-buyer model and a significant step forward in Egypt's efforts to liberalise its electricity market – a goal set out in the 2015 Electricity Law. This approach introduces competition into the electricity sector, expands consumer choice and promotes private investments in renewable energy. It also introduces a path for Egyptian businesses, especially those that are energy-intensive and focused on the export market, to sign agreements directly with renewable energy producers that are increasingly required to prove their low carbon product credentials, for example green hydrogen destined for the European market. Furthermore, given the electricity generation under these contracts will be entirely privately financed, the P2P scheme represents an important route for Egypt to scale up electricity production without the need for government contracts. Mark Davis, the EBRD's managing director for the southern and eastern Mediterranean region, said: 'This milestone shows how the right regulatory framework can unlock private investment and drive the energy transition. By enabling companies to procure green electricity directly from producers, Egypt is opening new opportunities for industry and enhancing its competitiveness. We are proud to have supported EgyptERA in designing this pioneering scheme and will continue working closely as projects move towards implementation.' Dr Mohamed Mousa Omran, the chairman of EgyptERA, said: 'This pilot marks an important step towards a more competitive electricity market in Egypt. By enabling direct agreements between producers and consumers, we are creating space for the private sector to play a greater role in meeting the growing demand for clean energy in Egypt. This is essential for accelerating the deployment of renewables at scale and achieving our long-term energy goals.' The EBRD's technical support is generously funded by the Swiss State Secretariat for Economic Affairs (SECO), a key partner for the Bank in many of its ongoing policy engagements that aim to decarbonise the energy sectors of its countries of operation. This work is being delivered under the EBRD's Renewable Energy Programme, which is currently supporting 16 countries in their development of market-based mechanisms to mobilise private investments. To date, activities under this programme have delivered over 8,500 MW of renewable energy capacity being awarded in 8 countries.

MBRF and Bibliotheca Alexandrina Partner to Boost Arab Knowledge Access
MBRF and Bibliotheca Alexandrina Partner to Boost Arab Knowledge Access

Hi Dubai

time2 hours ago

  • Hi Dubai

MBRF and Bibliotheca Alexandrina Partner to Boost Arab Knowledge Access

The Mohammed bin Rashid Al Maktoum Knowledge Foundation (MBRF) and Egypt's Bibliotheca Alexandrina (BA) signed a Memorandum of Understanding to advance knowledge accessibility, particularly for people with disabilities, through innovative joint projects. The agreement, formalized by MBRF CEO Jamal bin Huwaireb and BA Director Dr. Ahmed Zayed, focuses on creating DAISY-format digital talking books to support visually impaired individuals. It also includes plans for joint training, expertise exchange in library science, and organizing cultural and knowledge-based events. Signed in Dubai, the MoU underscores both institutions' commitment to fostering intellectual development across the Arab world. It aims to build inclusive knowledge ecosystems that drive sustainable growth and empower communities. 'This partnership marks a milestone in making knowledge a cornerstone of sustainable development,' said bin Huwaireb. 'We aim to empower individuals and strengthen communities for future challenges.' Dr. Zayed emphasized the alignment with BA's mission, stating, 'This collaboration will spark initiatives that ensure inclusive access to intellectual resources, promoting societal progress.' The agreement strengthens regional efforts to enhance knowledge access through innovative content and training, positioning MBRF and BA as leaders in cultivating knowledge-driven societies. News Source: Emirates News Agency

International Humanitarian and Philanthropic Council launches 'Impact Makers' initiative
International Humanitarian and Philanthropic Council launches 'Impact Makers' initiative

Al Etihad

time4 hours ago

  • Al Etihad

International Humanitarian and Philanthropic Council launches 'Impact Makers' initiative

10 June 2025 14:45 ABU DHABI (WAM) His Highness Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Deputy Chairman of the Presidential Court for Development and Fallen Heroes' Affairs and Chairman of the International Humanitarian and Philanthropic Council, stressed the importance of enriching humanitarian content as an institutional and societal responsibility shared by media institutions and digital content responsibility is vital considering the unlimited support of the UAE's leadership in equipping young Arab talent with advanced tools and skills in storytelling related to humanitarian and development Highness elaborated that highlighting humanitarian efforts and developmental contributions is crucial for community solidarity as they impact positively the lives of millions of people across the world. He noted that the UAE was implementing significant humanitarian initiatives and projects that reflected its leading global remarks came on the launch of the 'Impact Makers' initiative by the International Humanitarian and Philanthropic Council in cooperation with the New Media initiative comprises several educational programmes and training workshops on digital media content creation with regard to humanitarian and developmental work. His Highness Sheikh Theyab asserted the need to empower individuals to forge positive and influential content that addresses humanitarian issues, increases community awareness through storytelling and appropriate media efforts are especially pertinent with respect to initiatives aimed to provide basic services to communities in areas such as healthcare and education, which will eventually result in prosperity, stability and initiative targets journalists, camera crew and content creators from the UAE, Arab world and other countries specialising in humanitarian and developmental affairs. Its goal is to help them enhance their skills in telling humanitarian stories, preparing media content, and producing audio and visual programmes across diverse digital platforms in more creative and appealing initiative also will train official spokespersons representing UAE-based humanitarian donor organisations and charitable associations in corporate reputation strategies and media crisis New Media Academy continues to support content creators and social media influencers, enabling them to deliver their message in a professional manner that contributes to social growth. The "Impact Makers" initiative includes several training modules, beginning with the "Spokesperson Skills, Media Appearance, and Crisis Management in the Media" programme, the "Humanitarian Impact Journalism" programme, and the "Humanitarian Impact Content Creators" programme. The last of these will include two versions, one of which will be done in partnership with the Arab Youth Centre.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store