Latest news with #EconomicDevelopmentandInternationalCooperation
Al-Ahram Weekly
29-07-2025
- Business
- Al-Ahram Weekly
Egypt secures $1.8 bln trade finance from ITFC to support energy, food needs - Economy
Egypt has secured $1.8 billion in trade financing from the International Islamic Trade Finance Corporation (ITFC) so far this year, the Ministry of Planning, Economic Development and International Cooperation said on Tuesday. The funds include $1 billion allocated to the Egyptian General Petroleum Corporation (EGPC) and $814.2 million to the General Authority for Supply Commodities (GASC), reflecting Egypt's reliance on the ITFC to meet its energy and essential goods requirements. The announcement followed a meeting in Cairo between Egypt's Minister of Planning, Rania Al-Mashat, and the ITFC's CEO, Hani Salem Sonbol, where both sides pledged to deepen cooperation across key sectors, including energy, trade, food security, and digital development. 'The ITFC continues to be a vital partner in supporting Egypt's trade and economic resilience,' said Al-Mashat. 'This year's financing reflects the strength of our relationship and the alignment between national development goals and regional trade integration.' Since its establishment, the ITFC has extended a total of $22.2 billion to Egypt—$20.5 billion since the body's formation and $1.7 billion beforehand, making Egypt one of its largest and most consistent beneficiaries. The Cairo talks also touched on Egypt's upcoming National Narrative for Economic Development, a reform roadmap aimed at boosting exports, industrial growth, job creation, and foreign direct investment. Al-Mashat said economic reforms introduced since March 2024 had helped stabilize Egypt's macroeconomic environment and improve conditions for investment. Sonbol praised Egypt's progress, describing the partnership as 'strategic' and pledging continued support. 'We look forward to scaling our joint efforts to create more inclusive and resilient trade ecosystems,' he said. The two sides also reviewed ongoing initiatives, including the second phase of the STEP 2 export training programme, the Women in Trade initiative under the regional AFTIAS 2.0 programme, and funding for research centres and training institutes designed to enhance Egypt's export capacity and innovation potential. The meeting concluded with a commitment to increase coordination between ITFC and ministry technical teams to co-design development projects and maximise impact. 'This partnership is no longer just about financing—it's about creating a development platform that supports Egypt's long-term transformation and competitiveness,' Al-Mashat said. Follow us on: Facebook Instagram Whatsapp Short link:
Egypt Independent
29-07-2025
- Business
- Egypt Independent
Egypt welcomes coordination with South Africa under its G20 presidency to advance GFS reform
Minister of Planning, Economic Development and International Cooperation Rania al-Mashat said Egypt welcomes coordination with South Africa within the framework of its presidency of the G20 to push forward restructuring the Global Financial System (GFS) and achieve tangible progress in development financing, highlighting the joint role that Egypt and South Africa play as 'cornerstones' of the African continent in shaping and guiding the sustainable development agenda both regionally and internationally. During a bilateral meeting held on Sunday, July 27, 2025, between the minister of planning and South Africa's Minister in Presidency Responsible for Planning, Monitoring and Evaluation Maropene Lydia Ramokgopa to enhance bilateral cooperation and align visions on regional and international development issues – held on the sidelines of Egypt's participation in the G20 Development Ministers' Meetings hosted and chaired by South Africa in July – Mashat voiced sincere appreciation to the government and people of South Africa for inviting Egypt to participate in the G20 meetings, noting that Egypt has actively participated in G20 discussions over the past five years, reflecting its influential role in global development efforts.
Egypt Independent
29-07-2025
- Business
- Egypt Independent
PM reviews preparations for launching ‘National Economic Development Narrative'
Prime Minister Mostafa Madbouly stressed the importance of the 'National Narrative for Economic Development,' describing it as a key document, reference framework, and practical roadmap for the new economic model Egypt seeks to implement. He said the narrative aims to consolidate various policies, strategies, and targets into a unified platform that guides the government's current direction and activities. These include the government action program, strategies for foreign direct investment (FDI), industrial development, foreign trade, and the National Employment Strategy, all in line with Egypt Vision 2030. The initiative is also intended to further Egypt's economic reform agenda through greater engagement with the private sector, international institutions, and global development partners. Madbouly made the remarks during a meeting on Monday, July 28th, 2025, with Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat, held to follow up on the progress of launching the 'National Narrative for Economic Development: Policies Supporting Growth and Employment.' The prime minister praised the efforts made by the Ministry of Planning, Economic Development and International Cooperation, in coordination with all relevant ministries and entities, to finalize the narrative. He underlined that the document will serve as a roadmap for Egypt's economic development priorities in the coming years, and thanked all those involved in its preparation. During the meeting, Madbouly reviewed the key components of the narrative, which is designed to support Egypt's economic reform trajectory and address national objectives amid regional and global challenges. For her part, Mashat affirmed that, under President Abdel Fattah El Sisi's directives and with the continued supervision of the prime minister, the narrative is now in its final stages of preparation. She noted that it has been developed in full coordination with concerned national stakeholders to provide a comprehensive framework and actionable program that takes into account regional and international economic dynamics, while capitalizing on Egypt's considerable economic potential to achieve inclusive and sustainable growth. Mashat explained that the narrative is built around five core pillars: strengthening macroeconomic stability; attracting FDI; promoting industrial development and foreign trade; enhancing labor market efficiency and resilience; and advancing regional planning to support economic growth. She added that the narrative builds on the government's structural reform program launched in March 2024, which has enabled Egypt to overcome key economic challenges and utilize its competitive advantages in multiple sectors. The minister also noted that the narrative includes a set of quantitative targets translating structural reforms into macroeconomic objectives, with estimates extending through 2030 and long-term ambitions for 2050. These targets cover areas such as economic growth, job creation, FDI inflows, industrial localization, and other national priorities, she added. Mashat said that the government continues to closely monitor regional and global developments to assess their impact on Egypt's economic trajectory. She stressed that the narrative has been designed as a flexible, adaptive document capable of being updated as needed to keep public policies aligned with Egypt's development goals.
Middle East
28-07-2025
- Business
- Middle East
OPEN// PM reviews preparations for launching 'National Economic Development Narrative'
NEW ALAMEIN, Egypt, July 28 (MENA) – Prime Minister Moustafa Madbouli stressed the importance of the "National Narrative for Economic Development," describing it as a key document, reference framework, and practical roadmap for the new economic model Egypt seeks to implement. He said the narrative aims to consolidate various policies, strategies, and targets into a unified platform that guides the government's current direction and activities. These include the government action program, strategies for foreign direct investment (FDI), industrial development, foreign trade, and the National Employment Strategy, all in line with Egypt Vision 2030. The initiative is also intended to further Egypt's economic reform agenda through greater engagement with the private sector, international institutions, and global development partners. Madbouli made the remarks during a meeting on Monday with Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat, held to follow up on the progress of launching the "National Narrative for Economic Development: Policies Supporting Growth and Employment." The prime minister praised the efforts made by the Ministry of Planning, Economic Development and International Cooperation, in coordination with all relevant ministries and entities, to finalize the narrative. He underlined that the document will serve as a roadmap for Egypt's economic development priorities in the coming years, and thanked all those involved in its preparation. During the meeting, Madbouli reviewed the key components of the narrative, which is designed to support Egypt's economic reform trajectory and address national objectives amid regional and global challenges. For her part, Mashat affirmed that, under President Abdel Fattah El Sisi's directives and with the continued supervision of the prime minister, the narrative is now in its final stages of preparation. She noted that it has been developed in full coordination with concerned national stakeholders to provide a comprehensive framework and actionable program that takes into account regional and international economic dynamics, while capitalizing on Egypt's considerable economic potential to achieve inclusive and sustainable growth. Mashat explained that the narrative is built around five core pillars: strengthening macroeconomic stability; attracting FDI; promoting industrial development and foreign trade; enhancing labor market efficiency and resilience; and advancing regional planning to support economic growth. She added that the narrative builds on the government's structural reform program launched in March 2024, which has enabled Egypt to overcome key economic challenges and utilize its competitive advantages in multiple sectors. The minister also noted that the narrative includes a set of quantitative targets translating structural reforms into macroeconomic objectives, with estimates extending through 2030 and long-term ambitions for 2050. These targets cover areas such as economic growth, job creation, FDI inflows, industrial localization, and other national priorities, she added. Mashat said that the government continues to closely monitor regional and global developments to assess their impact on Egypt's economic trajectory. She stressed that the narrative has been designed as a flexible, adaptive document capable of being updated as needed to keep public policies aligned with Egypt's development goals. (MENA) R R N/R E E
Daily News Egypt
27-07-2025
- Business
- Daily News Egypt
Egypt, South Africa pledge to deepen development cooperation at G20 meeting
Egypt and South Africa have pledged to deepen their cooperation on development and align their perspectives on regional and global issues, Egypt's planning ministry said, following a meeting between the two countries' ministers on the sidelines of the G20 Development Ministerial Meetings. In a statement, the ministry said Minister of Planning, Economic Development and International Cooperation, Rania Al-Mashat, met with Maropene Lydia Ramokgopa, South Africa's Minister in the Presidency for Planning, Monitoring and Evaluation, during the meetings hosted and chaired by South Africa. Al-Mashat expressed Egypt's appreciation for the invitation to participate in the G20 meetings, where it has been a guest nation for the past five years. She affirmed Egypt's commitment to coordinating with South Africa during its G20 presidency to advance the restructuring of the global financial system and achieve tangible progress in development financing. The minister also commended South Africa's leadership for highlighting the development challenges facing the African continent. The two ministers emphasised the strategic importance of the African Continental Free Trade Area (AfCFTA) in fostering economic growth and regional integration and called for closer cooperation to support its implementation. They also stressed the importance of expanding infrastructure projects across the continent, such as the Cairo–Cape Town Corridor, to drive development and boost competitiveness. Al-Mashat showcased Egypt's national structural reform programme and its flagship 'NWFE' programme for mobilising climate finance, noting that it was included, along with South Africa's national climate platform, in the final communiqué of the recent Fourth International Conference on Financing for Development in Seville. For her part, the South African minister praised Egypt's leadership in advancing development across Africa and amplifying the continent's voice in global forums. She commended Egypt's leadership of the African Union Development Agency (AUDA-NEPAD), which the African Union recently extended until February 2026. Al-Mashat also welcomed the final ministerial declaration from the G20 meetings, which emphasised the need to broaden social protection systems, combat illicit financial flows, and prioritise domestic resource mobilisation to close development financing gaps.
