Latest news with #Macro-FinancialAssistance
Daily News Egypt
06-05-2025
- Business
- Daily News Egypt
Egypt, EU discuss 2nd phase of €4bn macro-financial assistance; mission expected late May
Egypt is preparing to receive a high-level European mission at the end of May to conclude negotiations regarding the second phase of the Macro-Financial Assistance (MFA) mechanism, as part of the strategic partnership between Egypt and the European Union. Rania Al-Mashat, Egypt's Minister of Planning, Economic Development, and International Cooperation, and Annika Eriksgard, Director-General for Economic and Financial Affairs at the European Commission, held a video conference meeting to follow up on the implementation of this second phase. The meeting was part of a series of negotiation meetings conducted by the ministry concerning the economic aspects of structural reform procedures linked to the MFA's second tranche, valued at €4bn. Discussions during the video conference centred on the structural reform measures that the Egyptian state aims to implement. These reforms are overseen by the Ministry of Planning, Economic Development and International Cooperation, in coordination with various national entities, and fall under three main pillars: strengthening macroeconomic resilience and stability, improving the business environment and investment climate, and promoting the transition to a green economy. The meeting also addressed preparations for the upcoming visit of a European Commission delegation to Egypt at the end of May. The delegation is scheduled to hold a number of meetings with various national entities to finalize the procedures related to the second tranche of the mechanism. During the meeting, Al-Mashat praised 'the significant progress in Egyptian-European relations since the joint summit held last March, the elevation of relations to the level of strategic partnership, as well as the full coordination between various national and European entities to implement the main pillars of the comprehensive partnership between Egypt and the European Union.' Al-Mashat emphasized that 'the economic aspect is of great importance in light of the great importance the Egyptian state attaches to strengthening economic relations with international partners to meet the requirements of national development and moving forward with the implementation of the national program for structural reforms to improve the business environment and stimulate the investment climate.' The Ministry of Planning, Economic Development, and International Cooperation is responsible for implementing the economic aspect of Egyptian-European relations. These efforts are particularly focused on the Macro-Financial Assistance mechanism and budget support, as well as an investment guarantees mechanism. In December, Al Mashat announced that the European Commission had approved the disbursement of €1bn as part of the Macro-Financial Assistance (MFA) mechanism. This sum constitutes the first phase of a total funding package of €5bn.
See - Sada Elbalad
28-04-2025
- Business
- See - Sada Elbalad
Al-Mashat Holds Series of Meetings with Leaders of International Financial Institutions, Government Representatives, Think Tanks, and Investors to Present Developments in the Egyptian Economy and Strengthen Joint Economic Relations
Rana Atef The Ministry of Planning, Economic Development and International Cooperation issued a report on the activities and participations of Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation and Egypt's Governor at the World Bank, during the Spring Meetings of the World Bank Group and the International Monetary Fund in Washington, USA, 2025. Over the course of a week, the Minister of Planning, Economic Development and International Cooperation held intensive meetings and participated in high-level international events, including the meeting of the Intergovernmental Group24 on International Monetary Affairs and Development, the meeting of the International Development Committee, and the meeting of the African Caucus with the President of the World Bank, in addition to other bilateral meetings. The meetings witnessed comprehensive discussions with Mr. Ajay Banga, President of the World Bank Group, and the Bank's affiliated institutions, notably the International Finance Corporation (IFC), where Dr. Al-Mashat met with Mr. Makhtar Diop, Managing Director of the IFC, the World Bank's arm for private sector financing, as well as officials from the Multilateral Investment Guarantee Agency (MIGA). These meetings addressed the developments in the implementation of various joint work files to enhance private sector participation in development efforts, stimulate the investment climate in vital sectors, and support the government's efforts in implementing the State Ownership Policy Document. The meetings aimed to expand the scope of guarantees available in the Egyptian market and increase financing mechanisms for the private sector, in line with Egypt's vision to increase foreign direct investment and achieve sustainable growth. Dr. Al-Mashat was keen to present Egypt's development vision and the positive indicators in the Egyptian economy, as well as the state's endeavor to shift towards tradable, commercial, and export-oriented sectors. Dr. Al-Mashat held an extensive meeting with the Jefferies Group and a large number of international investors to present the most prominent indicators and developments in the Egyptian economy. Minister Al-Mashat also presented the developments in the Egyptian economy and the results of the economic and structural reform program being implemented since March 2024. The Minister held a meeting with Ms. Elena Flores, Director-General for Economic and Financial Affairs at the European Commission, to discuss the implementation procedures for the second tranche of the Macro-Financial Assistance (MFA). Dr. Rania Al-Mashat participated in a keynote session organized by the World Bank Group on "Jobs: The Pathway to Prosperity," in the presence of Mr. Ajay Banga, President of the World Bank. She also participated in a panel discussion entitled "Investing in the Future: Mobilizing Finance for Jobs and Skills in a Climate Transition," which discussed the role of climate action in driving technological progress, reducing risks, and enhancing economic efficiency. The meetings also included participation in a special event on social protection, entitled "Social Protection in the Middle East and North Africa Region: Lessons and Innovations to Protect People." Dr. Rania Al-Mashat highlighted the Egyptian experience in implementing the pioneering social protection program "Takaful and Karama" over 10 years. This comes in light of the close partnership between the Arab Republic of Egypt and the World Bank Group, and the Bank's active role in financing many vital projects in various sectors, including social protection and infrastructure. In the context of the meetings, Dr. Al-Mashat met with Tharman Shanmugaratnam, the President of the Republic of Singapore, where the meeting affirmed the strong relations between the Arab Republic of Egypt and the Republic of Singapore. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple
Zawya
28-04-2025
- Business
- Zawya
Minister Rania Al-Mashat Holds Series of Meetings with Leaders of International Financial Institutions, Government Representatives, Think Tanks, and Investors to Present Developments in the Egyptian Economy and Strengthen Joint Economic Relations
The Ministry of Planning, Economic Development and International Cooperation issued a report on the activities and participations of H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation and Egypt's Governor at the World Bank, during the Spring Meetings of the World Bank Group and the International Monetary Fund in Washington, USA, 2025. Over the course of a week, the Minister of Planning, Economic Development and International Cooperation held intensive meetings and participated in high-level international events, including the meeting of the Intergovernmental Group24 on International Monetary Affairs and Development, the meeting of the International Development Committee, and the meeting of the African Caucus with the President of the World Bank, in addition to other bilateral meetings. The meetings witnessed comprehensive discussions with Mr. Ajay Banga, President of the World Bank Group, and the Bank's affiliated institutions, notably the International Finance Corporation (IFC), where H.E. Dr. Al-Mashat met with Mr. Makhtar Diop, Managing Director of the IFC, the World Bank's arm for private sector financing, as well as officials from the Multilateral Investment Guarantee Agency (MIGA). These meetings addressed the developments in the implementation of various joint work files to enhance private sector participation in development efforts, stimulate the investment climate in vital sectors, and support the government's efforts in implementing the State Ownership Policy Document. The meetings aimed to expand the scope of guarantees available in the Egyptian market and increase financing mechanisms for the private sector, in line with Egypt's vision to increase foreign direct investment and achieve sustainable growth. H.E. Dr. Al-Mashat was keen to present Egypt's development vision and the positive indicators in the Egyptian economy, as well as the state's endeavor to shift towards tradable, commercial, and export-oriented sectors. H.E. Dr. Al-Mashat held an extensive meeting with the Jefferies Group and a large number of international investors to present the most prominent indicators and developments in the Egyptian economy. H.E. Minister Al-Mashat also presented the developments in the Egyptian economy and the results of the economic and structural reform program being implemented since March 2024. The Minister held a meeting with Ms. Elena Flores, Director-General for Economic and Financial Affairs at the European Commission, to discuss the implementation procedures for the second tranche of the Macro-Financial Assistance (MFA). H.E. Dr. Rania Al-Mashat participated in a keynote session organized by the World Bank Group on "Jobs: The Pathway to Prosperity," in the presence of Mr. Ajay Banga, President of the World Bank. She also participated in a panel discussion entitled "Investing in the Future: Mobilizing Finance for Jobs and Skills in a Climate Transition," which discussed the role of climate action in driving technological progress, reducing risks, and enhancing economic efficiency. The meetings also included participation in a special event on social protection, entitled "Social Protection in the Middle East and North Africa Region: Lessons and Innovations to Protect People." H.E. Dr. Rania Al-Mashat highlighted the Egyptian experience in implementing the pioneering social protection program "Takaful and Karama" over 10 years. This comes in light of the close partnership between the Arab Republic of Egypt and the World Bank Group, and the Bank's active role in financing many vital projects in various sectors, including social protection and infrastructure. In the context of the meetings, H.E. Dr. Al-Mashat met with H.E. Tharman Shanmugaratnam, the President of the Republic of Singapore, where the meeting affirmed the strong relations between the Arab Republic of Egypt and the Republic of Singapore. Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation - Egypt.
Egypt Independent
26-04-2025
- Business
- Egypt Independent
Mashat in talks with EU over timeline of completing procedures related to 2nd phase of MFA program
Rania al-Mashat, Minister of Planning, Economic Development, and International Cooperation and Egypt's Governor at the World Bank, held a meeting with Elena Flores, Director General for Economic and Financial Affairs at the European Commission, in the presence of Finance Minister Ahmed Kouchouk. The meeting addressed the timeline for completing procedures related to the second phase of the Macro-Financial Assistance (MFA) program, valued at €4 billion, as well as the Ministry's efforts in coordinating with national entities to implement structural reforms within this phase, in alignment with the government's national structural reform program. The meeting comes as part of Mashat's ongoing participation in the Spring Meetings of the International Monetary Fund and the World Bank held in Washington and the series of her meetings with various multilateral and bilateral development partners and government representatives. The meeting came within the context of the Ministry's role in implementing the economic pillar of the European financial package announced last year, which coincided with the upgrade of Egypt-EU relations to the level of a strategic partnership. During the meeting, Mashat highlighted the significant progress in Egypt-EU relations since the joint summit last March, which elevated the relationship to a strategic partnership. She also commended the full coordination between national and European stakeholders toward implementing the main pillars of the comprehensive partnership between Egypt and the EU. Mashat emphasized that the economic pillar is of paramount importance, reflecting the Egyptian government's strong commitment to deepening economic ties with international partners to meet national development goals and advance the implementation of the national structural reform agenda to improve the business climate and encourage investment. The Ministry of Planning, Economic Development and International Cooperation is responsible for executing the economic component of Egypt-EU relations—particularly regarding the Macro-Financial Assistance (MFA) mechanism and investment guarantee mechanisms. A series of technical meetings are currently underway at both the national level and in partnership with the European Union to implement the proposed reforms for Phase II. These reforms fall under three main pillars: enhancing macroeconomic stability and resilience, improving the business environment and empowering the private sector, and supporting the transition to a green economy. Mashat previously announced in December that the European Commission had approved the disbursement of €1 billion to Egypt as part of the first phase of the Macro-Financial Assistance (MFA) program. This comes within the framework of a total financing package of €5 billion to be made available through 2027.
Daily News Egypt
03-04-2025
- Business
- Daily News Egypt
EU approves €4bn loan for Egypt
The European Parliament has approved the second tranche, worth €4bn, of the European Union's (EU) Macro-Financial Assistance (MFA) package for Egypt. The announcement was made by the Egyptian Ministry of Planning and Economic Development, and International Cooperation in a statement following Tuesday's session on April 1st. Members of the European Parliament (MEPs) approved two proposals, granting loans of €500m to Jordan and €4bn to Egypt. The MFA for Egypt was adopted by a vote of 452 in favour, 182 against, and 40 abstentions. The MFA for Jordan was passed with 571 votes in favour, 59 against, and 46 abstentions. According to the European Commission, the decision to support Egypt with macro-financial assistance in the form ofloans worth up to €5bn was proposed on 15 March 2024, given Egypt's economic and financial situation and its role as a stabilising force in a volatile region. This breaks down into a short-term loan of up to €1bn – already disbursed at the end of 2024 – and another, regular, loan of up to €4bn to be disbursed in three instalments. Parliament previously approved the proposal. For Jordan, this marks the EU's fourth MFA effort since 2013. It is intended to help cover the country's residual financing needs, support its structural reforms, and bolster its fiscal consolidation efforts. The Commission announced an additional financial package in January 2025 to help Jordan address existing financial and other challenges. A pre-condition for the EU granting financial assistance to Jordan is that it respects effective democratic mechanisms – including a multi-party parliamentary system – the rule of law, and guarantees for respect of human rights. Rapporteur Celine Imart (EPP, France) said, 'This vote underlines Parliament's support for our partners. The money for Jordan can be delivered quickly, and Parliament will enter into negotiations with member states on the proposal for Egypt with a strong mandate to make a swift agreement. Helping our partners means promoting European interests in an unstable region.' The EU recently approved and disbursed the second tranche, which is part of a wider EUR 5bn macro-financial assistance package. Egypt received the first part of the package in late December and was expected to work with the EU to receive the remaining EUR 4bn by June. The EUR 5bn in concessional loans are part of a broader package of loans, grants, and investments the country is receiving from the EU through 2027.
