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Daily News Egypt
a day 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.
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.
Al-Ahram Weekly
12-07-2025
- Business
- Al-Ahram Weekly
Banque Misr, EBRD sign Egypt's first $100 mln sustainability-linked loan - Economy
Egypt's Ministry of Planning, Economic Development, and International Cooperation announced on Thursday the signing of the country's first sustainability-linked loan agreement, valued at $100 million, between the European Bank for Reconstruction and Development (EBRD) and Banque Misr. The agreement was signed in the presence of the Minister of Planning and Egypt's Governor at the EBRD, Rania Al-Mashat; Banque Misr CEO Hisham Okasha; EBRD Managing Director for Financial Institutions Francis Malige; and EBRD Regional Director for the Southern and Eastern Mediterranean Mark Davis. 'This agreement aligns with our broader strategy to integrate sustainability into our financing framework,' stated Al-Mashat. 'We are committed to working with international partners to increase access to green finance and empower the private sector to contribute to sustainable development.' She noted that since 2020, Egypt has secured over $15.6 billion in concessional financing for the private sector, with more than 40 per cent directed toward financial institutions. The loan is part of Egypt's broader effort to expand access to international financing for local banks and businesses. The Ministry recently signed a cooperation protocol with the Federation of Egyptian Banks to strengthen financing tools through the Hafiz platform, which connects lenders with private sector projects seeking financial and technical support. The EBRD, which dedicates more than 80 percent of its global portfolio to the private sector, has directed over 28 percent of its operations in Egypt toward financial institutions—an approach Al-Mashat said reflects 'a deep understanding of local market needs and the banking sector's capabilities.' She also praised the efforts of the Central Bank of Egypt (CBE) and the Financial Regulatory Authority in fostering an enabling environment for innovation in financial products and services. Al-Mashat cited the success of Egypt's NWFE platform—its flagship climate-finance initiative—as an example of an integrated finance strategy. The platform, she said, has gained international recognition, most recently at the 4th International Conference on Financing for Development. Despite regional and global economic challenges, Egypt recorded 4.7 percent GDP growth in the third quarter of 2025. Private investments now account for more than 60 percent of total investment, according to the Ministry. The Ministry's new cooperation model with Egyptian banks aims to expand access to concessional financing, particularly for SMEs, by facilitating data sharing, streamlining application processes, and enhancing advisory support through digital platforms. 'This is not just about funding,' Al-Mashat said. 'It's about embedding sustainable finance into the national development fabric.' Follow us on: Facebook Instagram Whatsapp Short link:
See - Sada Elbalad
11-07-2025
- Business
- See - Sada Elbalad
Al Mashat Attends Farewell Ceremony for British Amb. in Cairo
Taarek Refaat Rania Al-Mashat, Minister of Planning and Economic Development participated in a farewell reception for British Ambassador Gareth Bayley, organized by the Egyptian-British Business Association. The event, held to mark the end of Ambassador Bayley's tenure in Egypt, was attended by prominent public figures and members of the Egyptian and British business communities. In her speech, Al-Mashat praised Ambassador Bayley's pivotal role in strengthening Egyptian-British economic relations since his arrival in 2021. She highlighted the Ambassador's efforts in fostering partnerships between the private sectors of both nations, notably through cooperation with the British International Investment (BII) and the fruitful bilateral collaboration between the governments of Egypt and the United Kingdom. Al-Mashat also reflected on the continued progress in Egyptian-British development cooperation, emphasizing the United Kingdom's support for the launch of Egypt's "Novee" National Platform. Additionally, the UK has contributed to the "Hafiz" platform, which provides both financial and technical support to Egypt's private sector. These efforts align with the two nations' joint goals of diversifying innovative financing sources for both public and private sectors, as well as supporting small and medium-sized enterprises (SMEs) and climate-focused startups. The Minister highlighted that the UK's commitment to Egypt's green transformation has been reflected in its support for climate-related financing mechanisms, such as the Climate Finance Acceleration Program, developed in collaboration with both the government and the private sector. In his farewell address, Ambassador Bayley expressed his sincere gratitude to the Egyptian government and people for the warm hospitality he received during his tenure. He acknowledged the longstanding and historical relationship between Egypt and the UK, underscoring the depth of cooperation between the two nations, both at the governmental and private sector levels. Bayley also pointed to several UK-supported projects in Egypt, such as the "Novee" National Platform, which plays a crucial role in attracting climate investments and advancing Egypt's green transformation agenda. He also emphasized the UK's contributions to energy and food security through various programs, including its role in the food sector within the Novee framework, through the International Partnership for Integration. 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 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer 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 Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
See - Sada Elbalad
10-07-2025
- Business
- See - Sada Elbalad
Egypt Signs $100 Million Sustainability-Linked Deal with EBRD, Banque Misr
H-Tayea Egypt's Ministry of Planning, Economic Development and International Cooperation announced a landmark agreement between the European Bank for Reconstruction and Development (EBRD) and Banque Misr, marking Egypt's first-ever $100 million sustainability-linked financing agreement. The agreement was signed by Hisham Okasha, CEO of Banque Misr, and Francis Malige, Managing Director and Head of Financial Institutions Business Group at the EBRD, in the presence of Minister Dr. Rania A. Al-Mashat, Egypt's Governor at the EBRD. Senior executives from both institutions, including Mark Davis, EBRD Managing Director for the Southern and Eastern Mediterranean region, also attended the signing. Minister Al-Mashat highlighted Egypt's commitment to expanding innovative financing tools for the private sector in collaboration with international partners. She emphasized that this deal aligns with Egypt's broader strategy to mobilize resources for green projects and private sector-led growth, positioning sustainable financing as a driver for national development. Since 2020, Egypt has secured over $15.6 billion in development financing for the private sector, with more than 40% channeled to financial institutions. Al-Mashat also noted the importance of the Ministry's partnership with the Federation of Egyptian Banks, including the newly launched "HAFIZ" platform, which connects banks with enterprises seeking financing and advisory services. She praised the EBRD for its strong role in supporting Egypt's financial sector, noting that more than 28% of the EBRD's portfolio in Egypt is directed toward financial institutions. She also commended the Central Bank of Egypt and the Financial Regulatory Authority for fostering an enabling regulatory environment and encouraging innovative financial products. Al-Mashat described the EBRD as a model of how international institutions can foster private sector engagement to accelerate climate and sustainable development goals, with more than 80% of its global financial portfolio supporting the financial sector. She also pointed to Egypt's "NWFE" platform—now recognized as a global example of integrated financing for sustainable development, as cited in recent international forums—as a mechanism that could benefit other developing economies. Turning to the broader economic outlook, Minister Al-Mashat reported that Egypt's economy grew by 4.7% in the third quarter of the fiscal year, exceeding expectations. She cited positive indicators in tourism, industrial production, and private investment, noting that private sector investments now account for over 60% of total investment—boosting job creation and economic resilience. The signing comes following a cooperation protocol between the Ministry and the Federation of Egyptian Banks to enhance partnerships between the banking sector and international development partners, particularly to support small and medium-sized enterprises (SMEs). 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 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer 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 Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
