Latest news with #NationalNarrativeforEconomicDevelopment
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
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
28-07-2025
- Business
- Daily News Egypt
Egypt, UK deepen economic, development ties ahead of Madbouly's visit to London
Egypt's Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, held talks with UK Minister of State for International Development, Baroness Jenny Chapman, on the sidelines of the G20 Development Ministers' Meeting in South Africa. The meeting focused on advancing bilateral cooperation in trade, investment, and global development reform ahead of the upcoming visit by Egyptian Prime Minister Mostafa Madbouly to the UK. Both officials underscored the strategic significance of the visit, describing it as a pivotal step toward transforming Egyptian-British relations into a deeper partnership. The visit also aligns with Egypt's broader push to strengthen ties with the European Union. Discussions centered on reforming global financial systems to make them more inclusive and accessible for developing countries. The ministers stressed the urgency of implementing international recommendations for greater transparency in financing and called for reforms to the UN's development frameworks to ensure stronger national ownership and coordination. Al-Mashat highlighted Egypt's expanding collaboration with the UK in key areas such as food security, entrepreneurship, and SME development. She noted that the UK remains one of Egypt's top foreign investors, with significant engagement in energy, telecommunications, pharmaceuticals, and consumer goods. The meeting also reviewed the role of key British financial institutions—including the World Bank, UK Export Finance (UKEF), and British International Investment (BII)—in supporting Egypt's development priorities. BII, which considers Egypt a key market, is actively investing in areas like renewable energy and infrastructure. The ministers acknowledged the contribution of the British-Egyptian Business Association (BEBA) and the Egyptian-British Chamber of Commerce (EBCC) in fostering stronger commercial links. Al-Mashat outlined the forthcoming launch of Egypt's 'National Narrative for Economic Development,' a strategic initiative aimed at accelerating structural reforms, boosting industrial output, and attracting foreign direct investment. She emphasized that economic measures introduced since March 2024 have stabilized the macroeconomic environment and improved investor confidence. Climate cooperation was also a major theme, with discussions on Egypt's NWFE (Nexus of Water, Food, and Energy) platform and BII's role in financing green hydrogen and clean energy projects. The UK's support for global climate funds—including the Climate Investment Funds (CIF) and the Green Climate Fund (GCF)—was noted, along with the joint 'Green Growth: Egypt–UK' initiative, which continues through COP30. Baroness Chapman reaffirmed the UK's commitment to its partnership with Egypt, praising Cairo's historical and humanitarian leadership—particularly its role in supporting Gaza. She also reiterated the UK's call for a sustainable ceasefire to ensure unimpeded humanitarian aid. The meeting concluded with a shared commitment to deepening economic and development cooperation and advocating for global financial reforms that empower developing countries.
Daily News Egypt
13-05-2025
- Business
- Daily News Egypt
Egypt's Al-Mashat meets AfDB President, focus on private sector, continental integration
Egypt's Minister of Planning, Economic Development and InternationalCooperation, Rania Al-Mashat, met with African Development Bank (AfDB) Group President Akinwumi Adesina during his visit to Egypt to discuss strengthening their strategic relationship and supporting sustainable development. Al-Mashat expressed gratitude for Adesina's support of the partnership over the past decade and emphasised Egypt's commitment to empowering the private sector and fostering continental integration through its collaboration with the AfDB. 'Our partnership with the African Development Bank is strong and focused on empowering the private sector and supporting economic development efforts,' Dr. Al-Mashat stated. 'We look forward to expanding financial tools available to both local and foreign private sector players in Egypt.' The meeting, attended by AfDB officials including Special Envoy Ambassador Jalel Trabelsi, Regional Director General Mohamed El Azizi, and Country Manager Abdourahmane Diaw, highlighted Egypt's appreciation for the bank's role. Al-Mashat noted President Abdel Fattah Al-Sisi's recent meeting with Adesina, where President Al-Sisi affirmed the AfDB's vital role in regional integration and enhancing Africa's global competitiveness. Al-Mashat commended the AfDB's partnership in the water pillar of Egypt's 'NWFE' (Nexus of Water, Food and Energy) programme, where the bank mobilised finance for projects including renewable energy-powered desalination. She also noted the AfDB's $345m guarantee in 2023 for Egypt's first sustainable Panda bonds issue, worth 3.5bn Chinese Yuan (approx. $478m), which helps diversify financing sources. The minister outlined her ministry's efforts in preparing a 'National Narrative for Economic Development' to stimulate sustainable growth and maximise resources, and highlighted the role of the Ministerial Group for Entrepreneurship in supporting Egypt's business environment and the AfDB's active participation in this sector. Adesina praised Egypt's relationship with the bank and President Al-Sisi's leadership in advancing Africa's development. He expressed admiration for Egypt's New Administrative Capital, calling it a 'significant leap in world-class infrastructure.' He highlighted the developed partnership since 1974, stating, 'We have implemented ambitious financing operations in Egypt, especially in the energy sector and others, in light of the reforms undertaken by the state, which encourages foreign direct investment. I always cite Egypt as an example of its ability to implement these reforms that open the door for private sector participation, to launch pioneering project models such as the 'Benban' solar power complex, multiple wind energy projects, as well as water desalination and treatment projects.' The meeting concluded with the signing of a financing agreement for the fourth phase of the Abu Rawash wastewater treatment plant. This phase aims to increase the plant's treatment capacity from 1.6m cubic metres per day to 2.0m cubic metres per day, benefiting the 8.6m residents of Giza Governorate and an additional 2m people through improved health infrastructure, public health, environmental quality, and new opportunities in agriculture and job creation. The AfDB Group began operations in Egypt in 1974. Its total sovereign cooperation portfolio has reached over $7.79bn through 128 operations, while the non-sovereign portfolio exceeds $1.1bn in 14 private sector operations.
