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Daily News Egypt
19-05-2025
- Business
- Daily News Egypt
Egypt's Al-Mashat, EU Commissioner Sikela review economic partnership, NWFE programme
Egypt's Minister of International Cooperation, Rania Al-Mashat, met with Josef Sikela, the European Commissioner for International Partnerships, during his visit to Egypt to discuss enhancing economic relations. The two officials reviewed the strategic partnership between Egypt and the European Union, focusing on sustainable development priorities, green transition efforts, cooperation within the 'Team Europe' initiative, and support for Egypt's Country Platform for the 'NWFE' programme. Discussions also covered the implementation of the second phase of the Macroeconomic Support Mechanism, budget support, and investment guarantees for the private sector. During the meeting, Al-Mashat expressed the Egyptian government's appreciation for the economic partnership with the European Union and the elevation of relations to a strategic partnership. The minister acknowledged the ongoing efforts to implement the Macroeconomic Support Mechanism and budget deficit support worth 4bn euros. She described this as 'vital support for the state's efforts in implementing the ongoing structural reform program in coordination.' Al-Mashat emphasised that technical consultations with the European side are continuous in preparation for an upcoming evaluation mission, aiming to ensure agreement on reform priorities and enhance the developmental impact of the financing. The two sides also discussed investment guarantee mechanisms for the private sector and efforts to activate these to attract more European investments to the local market. Both parties underscored the progress made in implementing the 'NWFE' programme, which aims to stimulate investment in energy, water, and food projects. This falls within the framework of Egypt's endeavours for a transition towards a green economy, particularly noting the contributions of the European Union and European countries in providing development financing and technical support for the programme's projects. The European Commissioner affirmed the importance of this programme as a model for innovative development cooperation and praised Egypt's leading role in driving the climate action and sustainable development agenda in Africa. In the context of enhancing transparency and information exchange, Al-Mashat presented the Commissioner with a copy of the Ministry's annual report. The report monitors achievements and progress in the implementation of development projects funded by international partners and highlights coordination efforts between various government agencies and development partners. Both parties reaffirmed their joint commitment to strengthening the partnership between Egypt and the European Union in accordance with the priorities of the 2030 Agenda and the United Nations Sustainable Development Goals. This includes a particular focus on the green transition, women's economic empowerment, and enhancing economic and social resilience in light of global changes. The Egyptian-European Summit was noted as a turning point in the relationship, witnessing the announcement of the elevation of relations to a strategic partnership. Under this announcement, a financial package worth 7.4bn euros was agreed upon to enhance European investments in Egypt, support the Egyptian economy, and expand the scope of cooperation. This cooperation focuses on national priorities such as enhancing economic stability to ensure an attractive investment environment, encouraging investment and trade to strengthen bilateral economic relations, developing migration and mobility frameworks for organised and mutually beneficial exchange of human resources, and expanding efforts to develop human capital.
Egypt Independent
15-05-2025
- Business
- Egypt Independent
Mashat hold talks with IMF to secure US$ 1.3 billion financing from RSF
Egyptian Minister of Planning, Economic Development and International Cooperation Rania al-Mashat held a meeting with the International Monetary Fund (IMF) mission, headed by Ivana Vladkova Hollar. The meeting reviewed the reform measures that the Ministry intends to implement within a package of reforms scheduled to secure US$ 1.3 billion financing from the Resilience and Sustainability Facility (RSF). The meeting outlined three key reforms, which relate to climate-related standards and procedures in the project selection phase within the economic and social development plan. These expand the scope of projects under the Country Platform for Green Projects in the NWFE program, as well as for the asset registration pilot project, alongside conducting analyses of climate risks associated with the geographical location of these assets. Mashat assured that the Country Platform for the NWFE program is at the core of the measures implemented by the state as part of resilience and sustainability financing. She affirmed that the ministry, in its role of supervising and implementing the platform, has taken rapid and proactive steps to add new projects. Agreements and projects In March, a project was signed to construct a seawater desalination plant in Ain Sokhna as part of the water plans, and a second project was signed to develop the Zafarana plant as part of the energy plans, implemented by TAQA Arabia and Voltalia. An agreement was also signed between the ministry and the Norwegian company Scatec to cooperate in including Scatec's renewable energy projects within the energy pillar of the program. Scatec additionally signed a power purchase agreement with Egypt Aluminum to establish a one GW solar power plant to provide clean energy to the aluminum complex in Nagaa Hammadi. Mashat reviewed the implementation of the Country Platform for the 'NWFE' program, particularly regarding Egypt's energy pillar, which has attracted development financing for the private sector worth $3.9 billion in just two years to implement renewable energy projects with a capacity of 4.2 GW. The ministry seeks to increase financing to $10 billion to implement renewable energy capacities of about 10 GW, which supports Egypt's renewable energy capabilities. Egypt is eager to secure RSF funding from the IMF as part of its implementation of the National Climate Change Strategy 2050 and its Nationally Determined Contributions plan. In coordination with several ministries, the government is implementing a series of reforms under the RSF, which include focusing on: Accelerating decarbonization Analyzing climate-related financial risks Enhancing climate data and risk management, building adaptive capacity, strengthening the financial sector's resilience to climate change Supporting climate finance Identifying, measuring, and disclosing the impact of investment plans, programs, and projects on national climate change goals.
Zawya
20-04-2025
- Business
- Zawya
Egypt: Minister of Planning, Economic Development and International Cooperation Holds an Expanded Meeting with Ministry Leaders to Follow Up on Workflow and Discuss Priorities for the Next Phase
Following the completion of the preparation of the Economic and Social Development Plan for the upcoming fiscal year 2025/2026, and the presentation of the plan statement before the House of Representatives, H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, held an expanded meeting with the Ministry's leaders, from various departments and relevant entities, to follow up on the workflow and discuss the priorities for the next phase. At the beginning of the meeting, H.E. Dr. Rania Al-Mashat expressed gratitude to all departments within the Ministry for the efforts during the past period, which were characterized by intensive and diligent work that contributed to the completion and launch of several reports and public platforms, including the Ministry's Annual Report for 2024, Egypt's Integrated National Financing for Development Strategy, the 2nd Progress Report of the Country Platform for the "NWFE" program, the Monitoring and Evaluation Manual with the United Nations, as well as the second phase of the "HAFIZ" Hub for Advisory, Finance and Investment for Enterprises, reports on localizing Sustainable Development Goals, and Citizen Budget Plans. The Minister of Planning, Economic Development and International Cooperation emphasized that, in addition to the recent efforts, the coming period requires us to exert more effort and continuous work in light of the implementation of the government's program priorities and Egypt's Vision 2030, to consolidate macroeconomic stability, preserve development gains, and advance Egypt's development path amidst successive regional challenges and international repercussions. H.E. Minister Al-Mashat stressed the critical stage that the Egyptian economy is going through, and that despite the ongoing challenges, the economic and structural reform measures, that were implemented starting March 2024, have improved the Egyptian economy's ability to withstand and adapt to changes, and even move forward in reaping the benefits of development. H.E. Dr. Al-Mashat gave directives to immediately commence discussions with ministries and relevant entities to begin preparing the medium-term economic and social development plan, starting from the fiscal year 2026/2027, which is scheduled to be the first medium-term plan in accordance with the Unified Planning Law. It will be implemented in consultation, coordination, and cooperation with all ministries, public bodies, governorates, the private sector, and civil society, affirming the participatory approach that the state follows in development efforts, and within the framework of commitment to the implementation of the Public Planning Law No. 18 of 2022, and the Unified Public Finance Law No. (6) of 2022. H.E. Minister Al-Mashat pointed out that the Ministry continues its pivotal role in implementing the national program for structural reforms in order to empower the private sector and create space for more local and foreign investments to achieve sustainable economic growth. She also pointed to directing all aspects of support to the Ministry's digital transformation efforts for enhancing the optimal use of data and information in formulating evidence-based policies. Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation - Egypt.
Middle East
15-03-2025
- Business
- Middle East
OPEN// PM participates in launching ceremony of 2nd progress report on "NWFE" program
CAIRO, March 13 (MENA) - Prime Minister Mostafa Madbouli on Thursday participated in the launching ceremony of the the second progress report on the Country Platform for the "NWFE" program by the Ministry of Planning, Economic Development and International Cooperation. NWFE platform focuses on the nexus of water, food, and energy projects, as well as sustainable transport under the "NWFE+" initiative. The report is issued under the patronage of Madbouli under the theme "Two Years of Implementation" in the New Administrative Capital (NAC). The launching ceremony was attended by Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel el Wazir, a host of lawmakers, chairman of the Suez Canal Economic Zone (SCZONE) and ambassadors of Germany and Norway. Ambassadors, representatives of international partners and organizations as well as officials of ministries and bodies concerned took part in the launching ceremony. Participants of the ceremony included Minister of Water Resources and Irrigation Hany Sewilam, Minister of Electricity and Renewable Energy Mahmoud Essmat and Minister of Agriculture and Land Reclamation Alaa Farouk. Officials and heads of the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB), the International Fund for Agricultural Development (IFAD) and the European Investment Bank (EIB) were present at the ceremony. At the beginning of ceremony, the premier paused for a photo-op with the ministry of industry, heads of the international mission and other participants. Addressing the launching ceremony of the report, Minister of Planning, Economic Development, and International Cooperation Rania el Mashat said that the Egyptian government during its presidency of the UN Climate Change Conference (COP27) has presented an innovative, more inclusive, and applicable mechanism across various economic and social systems, business environments, and emerging markets, enhancing the optimal use of development resources and achieving resilience in the face of climate change. Mashat said that the climate finance gap is widening and increasing, with adaptation and mitigation efforts require additional investments of approximately $366 billion annually in developing countries. The Country Platform for the "NWFE" Program includes nine projects in water, food, and energy sectors, as part of the National Climate Change Strategy, with an estimated investment of approximately $14.7 billion. It also encompasses projects in the sustainable transport sector. Over the past two years, the Ministry has successfully mobilized international support from various climate action coalitions, multilateral and bilateral development partners, and multilateral development banks, to provide innovative financing tools and private investments for the program's implementation. (MENA) A A E/S R E
See - Sada Elbalad
18-02-2025
- Business
- See - Sada Elbalad
Planning, Economic Development, & International Cooperation Min Organizes a Roundtable to Review Preliminary Results of Studies for the "Adaptation of the Northern Delta Affected by Sea Level Rise" Project
Rana Atef The Ministry of Planning, Economic Development, and International Cooperation organized a roundtable in collaboration with the European Union and the European Investment Bank, with the participation of representatives from the Ministry of Agriculture and Land Reclamation, and the Ministry of Water Resources and Irrigation, to review the preliminary results of the studies related to the preparation of the "Adaptation of the Northern Delta Affected by Sea Level Rise" project, which is part of the food pillar of the Country Platform for the "NWFE" Program. This is part of the national efforts led by the Ministry of Planning, Economic Development, and International Cooperation to implement 9 projects under the"NWFE program, across the water, food, and energy sectors, to enhance the transition to a green economy and implement Egypt's National Climate Change Strategy (NCCS)2050. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, emphasized the continued coordination with the concerned ministries and authorities to finalize the necessary technical studies for water and food projects within the "NWFE" program. This is part of the state's efforts to promote the green economy transition and expand mitigation and adaptation projects related to climate change. Al-Mashat pointed out that under the energy sector, contracts for renewable energy projects with a capacity of 4.2 GW have already been signed, out of a total of 10 GW. The project aims to benefit about 10 million citizens, empower smallholder farmers to implement policies related to adaptation and addressing sea-level rise, strengthen rural communities' responses to disasters and the impacts of sea-level rise, encourage agricultural diversification for food security and income growth, and reduce internal migration from these areas to cities. The project targets the governorates of Kafr El-Sheikh, Beheira, Damietta, Dakahlia, and Port Said. The project aims to preserve the fertile agricultural land in this area, as well as expand reclaimed desert land. The European Union provides financing of 125,000 euros, and the European Investment Bank offers a grant of 300,000 euros, to fund consultancy services and complete the necessary studies for implementing the project, particularly at the level of formulating tools and mechanisms to attract, stimulate, and involve the private sector. This aims to develop alternatives to reduce and rationalize public spending, enhance the value of private spending, and attract investments. The "NWFE" program is a model for country platforms based on country ownership. It represents an effective regional model and approach for financing to address climate change issues: mitigation, adaptation, and resilience, with a focus on a just transition to a green economy. This program also provides an effective human-centered approach to address the impacts of climate change and its driving factors. The program follows a development financing pattern that provides blended financing tools. It is based on both the country's development efforts and national ministries in all sectors, the development financing provided by development partners, as well as attracting the private sector through investments. Additionally, it benefits from consultancy services and expertise from relevant entities to enhance the efficiency and viability of projects, making them attractive to funding sources.
