Latest news with #DevelopmentPolicyFinancing
Egypt Independent
a day ago
- Business
- Egypt Independent
Al-Mashat discusses economic and investment ties with UK ambassador
Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat met with British Ambassador to Egypt Gareth Bayley to discuss ways to boost economic and investment relations and diversify financing mechanisms from British financial institutions for the private sector. The meeting focused on ongoing cooperation between the two countries in the field of sustainable green transformation. Mashat highlighted the strong economic ties between Egypt and the United Kingdom, both at the governmental level and in terms of private sector relations with British financial institutions. She emphasized Egypt's commitment to further developing bilateral relations across various sectors. Regarding the Development Policy Financing (DPF) program, Mashat commended the UK's role in supporting Egypt's structural reforms through the program, which is being implemented in partnership with the World Bank. She also discussed cooperation under Egypt's national platform for the 'NWFE' program, which aims to drive climate investments in water, food, energy, and sustainable transport, in addition to preparations for the COP30 climate conference scheduled to be held in Brazil. On empowering the private sector, Mashat noted that the UK has played an active role in launching the 'Hafez' platform, which enhances financial and technical support for both local and foreign private sector entities. The platform offers a range of initiatives and programs, including the Climate Finance Accelerator (CFA) and the A2D program, which supports clean energy research and development. Mashat pointed out that trade relations between Egypt and the UK have grown significantly in recent years, as reflected in trade figures. 'Bilateral trade reached approximately £4.7 billion in 2024, indicating the strength of the economic partnership,' according to her. She highlighted that Egypt is now the 48th largest trading partner of the UK globally and that the UK ranks as one of Egypt's largest foreign investors. On expanding the scope of British financial institutions' programs, the two sides discussed broadening the partnership in developmental cooperation programs and diversifying innovative financing sources for both public and private sectors, including mechanisms to finance small and medium-sized enterprises (SMEs). Mashat invited the British ambassador to participate in an upcoming conference on development financing for private sector empowerment, organized by the Ministry of Planning, Economic Development and International Cooperation on Sunday. The Egyptian-British relationship is multifaceted, with many British companies investing in Egypt. In 2020, the Egyptian planning ministry and the UK's Department for International Development issued a joint statement to strengthen economic ties between the two countries as part of the UK-Africa Investment Summit. British financial institutions, including the British International Investment (BII), UK Export Finance, the British-Egyptian Business Association (BEBA) and the Egyptian-British Chamber of Commerce, have previously participated in the ministry's 'Strengthening Engagement with the Business Community for Innovation and Development' meetings, aimed at deepening relations between private sector companies and financial institutions. BII's investments in Egypt currently total $850 million across more than 70 companies.
Egypt Independent
17-02-2025
- Business
- Egypt Independent
Mashat: Developing countries face 50 percent surge in debt service
Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, has said the developing countries are facing a 50 percent surge in debt service costs between 2022 and 2025, a matter that constitutes a major challenge to sustainable investments. Her statements came during her participation in the preparatory meeting of the Fourth International Conference on Financing for Development (FfD4) due to be held in Spain in June in cooperation with the United Nations Development Program, the United Nations Department of Economic and Social Affairs the UNICEF and the European Union. Mashat had met with Ms. Eva Granados Galeano, Secretary of State for International Cooperation in Spain, in the presence of Mr. Sergio Colina, General Director of Sustainable Development Policies. The meeting covered cooperation relations between the two countries and arrangements for the Fourth International Conference on Financing for Development (FfD4), which will be held from June 30 to July 3 in Spain. Mashat pointed out to the Ministry's efforts to promote structural reforms through the Development Policy Financing (DPF), which is being implemented in cooperation with the World Bank, the African Development Bank (AfDB), and the European Union (EU). Regarding cooperation with the Spanish Agency for International Development Cooperation (AECID), Mashat pointed out that 20 programs and projects have been implemented in Egypt with the support of the Spanish Agency in many sectors and fields such as women's empowerment, water resources management, and support for the Egyptian private sector, in addition to developing the skills and capabilities of women in Upper Egypt. She affirmed the importance of periodic follow-up of these projects. Future cooperation opportunities were also addressed to contribute to support sustainable development and various fields of development and economic cooperation.
