Latest news with #RaniaA.Al-Mashat
See - Sada Elbalad
16-05-2025
- Business
- See - Sada Elbalad
Al-Mashat Delivers Egypt's Statement at EBRD Board of Governors Plenary Session
SEENEWS Press Release May 16, 2025 *Minister of Planning, Economic Development and International Cooperation Delivers Egypt's Statement at the EBRD Board of Governors Plenary Session* _*"Al-Mashat":*_ _• Our partnership with the EBRD is based on a shared commitment to achieving economic development, regional integration, and promoting South-South cooperation._ _• The EBRD supports Egypt's regional leadership as a hub for clean energy, manufacturing, and green transition._ _• The national narrative for economic development aims to build a more resilient and attractive competitive economy for investments._ _• Empowering the private sector represents a fundamental pillar in Egypt's economic reform agenda._ _• Egypt is committed to the approach of economic and structural reform, fiscal discipline, and creating space for the private sector._ H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation and Egypt's Governor at the European Bank for Reconstruction and Development (EBRD), delivered Egypt's statement at the plenary session of the Bank's Board of Governors. This took place during her participation in the EBRD's 34th Annual Meetings and Business Forum 2025, held in the United Kingdom from May 13 to 15. H.E. Dr. Rania Al-Mashat emphasized the continued strong partnership between the Arab Republic of Egypt and the EBRD, reflecting the global context and national strategic priorities. H.E. Minister Al-Mashat noted that the EBRD is a development partner and one of the most important multilateral development banks working with Egypt to empower the private sector, enhance resilience, and drive the green transition. H.E. Dr. Al-Mashat highlighted that over the past year, Egypt has maintained its position as the largest country of operations for the Bank in the Southern and Eastern Mediterranean (SEMED) region for the seventh consecutive year. This is evidence of the strength of the partnership and the significant transformation witnessed by the Egyptian economy within the framework of ongoing economic and structural reforms. H.E. Dr. Al-Mashat pointed out Egypt's adoption of a comprehensive economic reform agenda aimed at laying the foundations for a more resilient and inclusive economy. This agenda reflects a new national vision aimed at deepening the role of the private sector, enhancing the quality and inclusivity of growth, and enabling Egypt to deal with an increasingly complex global economic environment. H.E. Minister Al-Mashat added that at the core of this transformation, Egypt is moving towards a new growth model that is more competitive, diversified, and export-oriented, stressing the importance of strategic transformation to achieve sustained gains in productivity, expand access to global markets, and generate higher quality job opportunities. H.E. Dr. Al-Mashat touched on the National Economic Development Narrative, currently being prepared by the Ministry of Planning, Economic Development and International Cooperation within the framework of Egypt's Vision 2030. The narrative aims to empower the private sector, promote sustainable and inclusive growth, and build a more competitive and resilient economic structure by maintaining macroeconomic stability, improving the business environment, supporting competitive sectors, developing industry, and investing in human capital and capacity building. H.E. Dr. Al-Mashat referred to the National Structural Reform Program, which is based on three main pillars: enhancing resilience and macroeconomic stability, improving competitiveness and the business environment, and supporting economic diversification and the green transition. H.E. mentioned that these pillars form the basis for achieving sustainable development and qualitative growth, with a strong focus on social justice and inclusion. H.E. Minister Al-Mashat underscored that enhancing private sector participation represents a fundamental component of Egypt's reform agenda, where the reliance on state-led growth is being shifted towards the private sector in key industries. She stressed the necessity of this strategic shift to drive sustainable and inclusive growth, adding that the government aims to increase the private sector's contribution to economic activity, targeting a 65% share within the next three years. H.E. Dr. Al-Mashat affirmed that as a result of these domestic reforms, 2024 marked the first year in which concessional financing directed to the private sector exceeded that allocated to the government, representing a significant milestone in Egypt's economic transformation. H.E. Minister Al-Mashat reviewed the partnership with the EBRD to empower the private sector, improve the governance of public-private partnerships, and prepare bankable projects across various sectors. She also referred to Egypt's country platform "NWFE" (Nexus on Water, Food and Energy), where the EBRD is a key partner in the energy sector. Through joint efforts, $3.9 billion has been mobilized in the past two years for the energy sector to implement renewable energy projects. H.E. Dr. Rania Al-Mashat also highlighted the EBRD's role in supporting Egypt to enhance its leadership as a hub for industry and green energy, connecting African, Arab, and European markets and supporting sectors with high green export potential, such as green hydrogen, sustainable textiles, and climate-smart agriculture. H.E. Minister Al-Mashat added that as a result of a balanced approach of fiscal discipline and structural reforms, economic growth is expected to reach 4% for the fiscal year 2024/2025, with targeted policies and financing mechanisms also working to accelerate development efforts. She noted that the economic growth rate began to rise, recording 4.3% in the second quarter of the fiscal year 2024/2025, up from 2.3% in the corresponding quarter of the previous fiscal year. Al-Mashat clarified that key sectors showed strong performance, with the tourism sector growing by 18% with more than 4.41 million visitors, in addition to the expansion of the information and communication technology sector by 10.4%. She affirmed Egypt's continued commitment to economic reform, prioritizing private sector development, fiscal discipline, and structural transformation. H.E. Minister Al-Mashat reiterated that Egypt values its strong partnership with the EBRD, which is based on a shared commitment to economic development, regional integration, and South-South cooperation, noting Egypt's support for the Bank's expansion in sub-Saharan Africa and Iraq as an important step towards enhancing regional stability and development. H.E. Dr. Al-Mashat explained that the ongoing reforms at the EBRD are capable of enhancing the Bank's financial resilience and aligning it with evolving multilateral strategies. They will also enable more effective access to development financing, greater private sector participation, and the creation of a stronger and more responsive development model, noting Egypt's support for the Strategic and Capital Framework (SCF), which focuses on gender, green transition, and governance, with the engagement of the private sector and digital transformation as key enablers, aligning with the joint strategy between Egypt and the Bank. H.E. Dr. Al-Mashat concluded Egypt's statement with the significance of deepening the focus on the impact of transition, resilience, and innovation in the EBRD's next strategic cycle, affirming Egypt's readiness to support the Bank in expanding its regional operations and leveraging platforms such as the Global Gateway initiative and just transition initiatives to maximize its impact. 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 Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized 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 Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War
See - Sada Elbalad
15-05-2025
- Business
- See - Sada Elbalad
Egypt, EBRD Deepen Strategic Partnership in Green and Sustainable Projects
H-Tayea On the sidelines of the 34th Annual Meeting and Business Forum of the European Bank for Reconstruction and Development (EBRD), Egypt's Minister of Planning, Economic Development and International Cooperation, Rania A. Al-Mashat, held high-level talks with Matteo Patrone, EBRD Vice President for Banking, and Harry Boyd-Carpenter, Managing Director for Sustainable Infrastructure. During the meetings, Al-Mashat emphasized Egypt's strong and evolving relationship with the EBRD, highlighting the Bank's vital role in supporting Egypt's private sector, green transformation, and industrial localization efforts. The discussions focused on deepening cooperation in strategic sectors such as renewable energy, green hydrogen, seawater desalination, and sustainable infrastructure, while also addressing technical support for automotive manufacturing and mechanisms to enhance foreign direct investment (FDI) inflows into Egypt. Al-Mashat noted that Egypt remains the EBRD's largest country of operations in the Southern and Eastern Mediterranean (SEMED) region for the seventh consecutive year. In 2024 alone, the Bank invested €1.5 billion (approximately 84.3 billion EGP) across 26 projects, with 98% directed to the private sector and 50% channeled into green finance. Since the start of EBRD operations in Egypt in 2012, the partnership has grown to include €13 billion in investments (roughly 730 billion EGP) across 194 development projects, with 80% of this financing benefiting the private sector. The Minister also spotlighted Egypt's flagship NWFE platform, under which the EBRD plays a leading role in the energy pillar, having helped mobilize $3.9 billion (about 195 billion EGP) in concessional finance for the private sector, accelerating investments in renewable energy. Al-Mashat stressed the EBRD's role in modernizing Egypt's electricity grid to accommodate future renewable energy capacity, with plans to add 10 gigawatts of renewable energy by 2028, in line with Egypt's integrated and sustainable energy strategy. She reaffirmed the government's continued focus on macroeconomic stability and private sector-led growth, underpinned by structural reforms initiated in March 2024. These reforms have helped deliver strong growth in the non-oil manufacturing, ICT, tourism, and transportation sectors, despite global pressures and declining Suez Canal revenues. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Egypt confirms denial of airspace access to US B-52 bombers Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized 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 Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War
Egypt Today
14-05-2025
- Business
- Egypt Today
Egypt Showcases Economic Resilience, Green Ambitions in High-Level IMF Meeting
CAIRO – 14 May 2025: Rania A. Al-Mashat, Egypt's Minister of Planning, Economic Development, and International Cooperation, held a strategic meeting with the International Monetary Fund (IMF) delegation, headed by Ms. Ivanna Vladkova Hollar, to review the country's economic progress and ongoing reform efforts. The discussion covered Egypt's macroeconomic performance, structural reform agenda, and plans for securing external financing to address funding challenges. Al-Mashat highlighted the economy's notable recovery, with GDP growth rising from 2.4 percent to 4.3 percent over two consecutive quarters—a sign of regained momentum after past challenges. She noted that beyond the growth rate, the structure of the economy is evolving. Sectors such as non-oil manufacturing, ICT, tourism, and transportation have become major engines of growth, even as Suez Canal revenues face pressure due to regional instability in the Red Sea. A major theme of the meeting was Egypt's deepening partnerships with international development institutions. Al-Mashat pointed to a €4 billion support package from the European Union that is already in motion. This package aims to stabilize the macroeconomic environment, enhance the business climate, and support Egypt's shift toward a greener economy. Crucially, the minister emphasized that Egypt's development partnerships extend well beyond the public sector. In the last five years alone, the country has secured over $14.5 billion in private sector development financing through credit lines and direct investments that have bolstered job creation and private growth. The meeting also spotlighted Egypt's NWFE (Nexus of Water, Food, and Energy) platform—specifically its energy pillar. Al-Mashat revealed that Egypt has already mobilized $3.9 billion in concessional finance for renewable energy projects generating 4.2 gigawatts. The next target is even more ambitious: raising $10 billion to expand capacity to 10 gigawatts and increase renewable energy's share in the energy mix to 42 percent by 2030. In closing, Al-Mashat highlighted Egypt's active debt swap agreements with countries like Italy, Germany, and China—initiatives that are helping reallocate debt toward high-impact development projects.
Zawya
21-04-2025
- Business
- Zawya
Egypt: Minister of Planning, Economic Development and International Cooperation Arrives in Washington to Participate in the 2025 Spring Meetings of the World Bank (WB) Group and the International Monetary Fund (IMF)
H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation and Egypt's Governor at the World Bank Group, arrived in Washington, USA, to participate in the 2025 Spring Meetings of the World Bank (WB) Group and the International Monetary Fund (IMF), which are being held throughout this week under the theme "Jobs... The Path to Prosperity." The meetings are attended by central bank governors, finance and development ministers, parliamentarians, senior private sector officials, civil society representatives, and academics to discuss issues of global concern, including global economic prospects, poverty reduction, driving economic development, and the effectiveness of development cooperation. H.E. Dr. Rania Al-Mashat is scheduled to participate in several high-level meetings and events, including the Intergovernmental G24 on International Monetary Affairs and Development, the Development Committee meetings, and the African Governors Constituency meeting at the World Bank Group. H.E. Minister Al-Mashat will also participate in a number of events organized by the World Economic Forum (WEF), in light of the Forum's close relationship with the Egyptian government. Egypt has announced its support for contributing to the 21st replenishment of the International Development Association (IDA), a World Bank Group institution and one of the largest institutions working to combat extreme poverty in the lowest-income countries. The WB Group is conducting ongoing discussions with contributing countries and relevant stakeholders to complete this process. In addition, the Minister of Planning, Economic Development and International Cooperation will hold intensive bilateral meetings with the senior management of the WB Group to follow up on the ongoing partnership portfolio and efforts to drive growth, employment, and achieve sustainable economic development. H.E. Minister Al-Mashat will also hold meetings with representatives of governments and multilateral and bilateral development partners, and participate in high-level events to discuss current global economic challenges and the future of development in developing countries and emerging economies. The current meetings are taking place at an exceptional time in terms of global economic developments, amid U.S. tariffs on many trading partners and their impact on growth and inflation in various countries around the world, as well as the impact of geopolitical tensions in many regions of the world on the economic situation. The annual meetings include meetings of the Development Committee, the International Monetary and Financial Committee, the G24, the G20, and other meetings. Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation - Egypt.
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.
