Latest news with #RaniaAl-Mashat
Daily News Egypt
3 days ago
- Business
- Daily News Egypt
Egypt considers launching national platform to mobilise green financing for private-sector industrial transformation
Egypt's Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, Kamel Al-Wazir, has met with Minister of Planning and International Cooperation, Rania Al-Mashat, to coordinate efforts to prepare Egypt's industrial sector for the European Union's Carbon Border Adjustment Mechanism (CBAM) and advance green transformation. The meeting focused on ongoing cooperation for low-emission industry programmes, particularly the Green Sustainable Industries (GSI) initiative, and collaboration with the European Bank for Reconstruction and Development (EBRD) under the NWFE platform. Discussions also explored a proposal to establish a new national platform—modelled after NWFE—to mobilise concessional financing and international grants to support private-sector green industrial projects centred on decarbonisation, energy efficiency, and clean technologies. In addition, the ministers discussed opportunities for Egypt to benefit from the Green Climate Fund's (GCF) High Impact Programme for the Private Sector, a flagship initiative managed by the EBRD. The programme aims to help private-sector projects in developing countries reduce industrial emissions and accelerate the transition to a green economy through a mix of grants, concessional loans, and innovative financing instruments. The initiative aligns closely with Egypt's National Climate Change Strategy 2050 and its Nationally Determined Contributions (NDCs), while placing no direct financial burden on the state budget. It represents a key potential route to finance the decarbonisation of Egyptian factories and help them meet emerging global environmental standards. To advance these efforts, Al-Wazir directed the formation of a joint technical committee—including representatives from the Ministries of Industry and Transport—to coordinate directly with the Ministry of Planning and International Cooperation. This committee will oversee the implementation of priority projects, ensure alignment with international financing platforms, and enhance the readiness of Egypt's industrial sector for new environmental requirements. Al-Wazir also stressed the importance of coordinating with the Egyptian Ministry of Foreign Affairs and other national institutions to engage in voluntary carbon credit systems, supporting Egypt's shift to low-emission industry ahead of CBAM enforcement. He reaffirmed the government's commitment to helping factories transition to green production through partnerships with development partners and other ministries. For her part, Minister of Planning and Economic Development Rania Al-Mashat reviewed recent progress in Egypt's international partnerships supporting industrial development. She highlighted that the non-oil manufacturing sector has led GDP growth since the March 2024 economic reforms, posting growth rates of 7.1%, 17.7%, and 16.3% across the first three quarters of FY 2024/2025 and contributing 1.9% to GDP growth in Q3 alone. Al-Mashat emphasised the government's focus on strengthening the manufacturing sector to boost exports and expand tradable industries. The ministry is working closely with international development partners to secure technical support, grants, and concessional financing to reduce carbon emissions and accelerate industrial transformation. She noted the GSI programme, which provides approximately €271m (around EGP 16bn)—including EGP 1.2bn in grants—to promote pollution reduction, renewable energy use, and sustainable industrial practices. She also pointed to ongoing cooperation with the Green Climate Fund to access concessional finance for private-sector projects, reinforcing Egypt's role as a strategic green energy partner to the EU. Additionally, Al-Mashat highlighted Egypt's selection among seven countries to participate in the Climate Investment Funds' (CIF) Industrial Decarbonization Program, which offers nearly $1bn in concessional finance for the private industrial sector. Egypt is currently in discussions to determine the size of its share. Al-Mashat reaffirmed continued coordination with the Ministry of Industry to leverage international partnerships that empower private industry, cut carbon emissions, and boost export competitiveness—particularly in accessing European and global markets.
Al-Ahram Weekly
12-07-2025
- Business
- Al-Ahram Weekly
Banque Misr, EBRD sign Egypt's first $100 mln sustainability-linked loan - Economy
Egypt's Ministry of Planning, Economic Development, and International Cooperation announced on Thursday the signing of the country's first sustainability-linked loan agreement, valued at $100 million, between the European Bank for Reconstruction and Development (EBRD) and Banque Misr. The agreement was signed in the presence of the Minister of Planning and Egypt's Governor at the EBRD, Rania Al-Mashat; Banque Misr CEO Hisham Okasha; EBRD Managing Director for Financial Institutions Francis Malige; and EBRD Regional Director for the Southern and Eastern Mediterranean Mark Davis. 'This agreement aligns with our broader strategy to integrate sustainability into our financing framework,' stated Al-Mashat. 'We are committed to working with international partners to increase access to green finance and empower the private sector to contribute to sustainable development.' She noted that since 2020, Egypt has secured over $15.6 billion in concessional financing for the private sector, with more than 40 per cent directed toward financial institutions. The loan is part of Egypt's broader effort to expand access to international financing for local banks and businesses. The Ministry recently signed a cooperation protocol with the Federation of Egyptian Banks to strengthen financing tools through the Hafiz platform, which connects lenders with private sector projects seeking financial and technical support. The EBRD, which dedicates more than 80 percent of its global portfolio to the private sector, has directed over 28 percent of its operations in Egypt toward financial institutions—an approach Al-Mashat said reflects 'a deep understanding of local market needs and the banking sector's capabilities.' She also praised the efforts of the Central Bank of Egypt (CBE) and the Financial Regulatory Authority in fostering an enabling environment for innovation in financial products and services. Al-Mashat cited the success of Egypt's NWFE platform—its flagship climate-finance initiative—as an example of an integrated finance strategy. The platform, she said, has gained international recognition, most recently at the 4th International Conference on Financing for Development. Despite regional and global economic challenges, Egypt recorded 4.7 percent GDP growth in the third quarter of 2025. Private investments now account for more than 60 percent of total investment, according to the Ministry. The Ministry's new cooperation model with Egyptian banks aims to expand access to concessional financing, particularly for SMEs, by facilitating data sharing, streamlining application processes, and enhancing advisory support through digital platforms. 'This is not just about funding,' Al-Mashat said. 'It's about embedding sustainable finance into the national development fabric.' Follow us on: Facebook Instagram Whatsapp Short link:
Daily News Egypt
09-07-2025
- Business
- Daily News Egypt
EGP 600m allocated to employment under Agreement on Tackling Irregular Migration
The closing conference of the Agreement on Tackling the Root Causes of Irregular Migration was held on Wednesday, marking the conclusion of an initiative implemented by the Micro, Small and Medium Enterprise Development Agency (MSMEDA). The agreement, funded by the European Union (EU) and coordinated with several Egyptian ministries, supports Egypt's National Strategy to Combat Irregular Migration (2016–2026), aiming to address the economic drivers of migration through job creation and enterprise development. As part of the agreement, MSMEDA launched a broad portfolio of infrastructure, community development, and training projects across 11 governorates: Minya, Assiut, Dakahleya, Beheira, Sharqia, Fayoum, Gharbeya, Qalyubeya, Kafr El-Sheikh, Luxor, and Monufeya. These efforts aimed to create an enabling environment for establishing micro and small enterprises, generate employment opportunities, and offer viable economic alternatives to irregular migration. In total, about EGP 600m was dedicated to these activities. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, emphasised that the initiative translates the shared commitment of Egypt and the EU to sustainable and inclusive development. She noted that the agreement was implemented by MSMEDA with €27m in EU funding, delivering tangible outcomes in governorates with some of the highest rates of youth outmigration. Al-Mashat added that Egypt's national migration strategy focuses on integrating migration management with sustainable development goals. Through close coordination with international partners, Egypt works to expand economic inclusion, strengthen resilience, and foster regional stability. She pointed to the broader 'Enhancing Response to Migration Challenges in Egypt' programme — also supported by the EU with €63m — as a model for multilateral cooperation. This programme includes labour-intensive public works and entrepreneurship support schemes that have created thousands of opportunities for young people. Highlighting the comprehensive approach, she said that managing migration cannot be separated from empowering youth economically. This, she explained, directly aligns with the Sustainable Development Goals (SDGs) and deepens the strategic partnership between Egypt and the EU in migration, development, and economic empowerment. As this phase concludes, she expressed hope for future projects to build on the lessons learned and sustained partnerships formed with local communities and institutions. In his remarks, Basil Rahmi, CEO of MSMEDA, underlined that the agreement — signed in 2019 and executed through mid-2025 — was implemented under directives from Prime Minister Mostafa Madbouly, who also chairs MSMEDA's board. The project was supported by the Ministries of Foreign Affairs and Migration, under the auspices of the Ministry of Planning and International Cooperation, and in collaboration with the Ministries of Local Development and Environment. Rahmi stressed that this coordinated national approach reflects Egypt's commitment to tackling the economic roots of irregular migration. Rahmi noted MSMEDA's strategy to expand partnerships with international development organisations — led by the EU — to deliver more projects that strengthen entrepreneurship, particularly in productive and industrial sectors. He highlighted that these projects not only offer economic stability but also help young people find secure livelihoods within Egypt, reducing the need to migrate irregularly. Rahmi also mentioned that the EU commissioned the Abdul Latif Jameel Poverty Action Lab at the American University in Cairo to evaluate the agreement's impact. The assessment confirmed that the projects had shifted young people's perceptions about irregular migration by showing them their economic potential in their own communities. This underscores the importance of such programmes in reshaping migration culture and demonstrating realistic alternatives. According to Rahmi, the agreement produced almost 4 million workdays for informal labour and created over 26,000 permanent jobs in the targeted governorates. In addition, 42,100 young men and women received entrepreneurship training and technical and vocational skill development to help them access the labour market or launch businesses. Speaking on behalf of Badr Abdelatty, Minister of Foreign Affairs, Migration and Egyptians Abroad, Wael Badawy, Deputy Assistant Minister for Migration Affairs, praised the EU-funded agreement for addressing the complex drivers of irregular migration, especially economic challenges that often push youth to leave. He commended MSMEDA's effective implementation, noting that the results align with Egypt's vision of managing migration comprehensively, not only by controlling borders but by offering youth real alternatives and economic opportunities. Badawy underscored the EU's role as a strategic partner supporting societal resilience amid regional tensions and economic pressures. He noted that offering youth dignified work and development prospects turns migration into a choice rather than a desperate necessity. Annie Coufid, Head of Governance and Social Inclusion Team, speaking on behalf of Angelina Eichhorst, Head of the EU Delegation to Egypt, congratulated MSMEDA for implementing the agreement effectively across 33 towns in the 11 governorates. She highlighted that the programme had succeeded in improving local infrastructure, delivering community development initiatives, and creating employment opportunities, thereby directly tackling migration drivers. Coufid emphasised that the project's success came from MSMEDA's deep engagement with local communities, responsiveness to their needs, and its ability to deliver concrete results within agreed timelines. She affirmed that the EU values its partnership with Egypt, which has been central to the agreement's achievements. Walid Darwish, Head of the Community and Human Development Sector at MSMEDA, presented a detailed summary of the programme's outcomes. He explained that the targeted governorates were chosen because they report the highest youth outmigration rates. Over the life of the agreement, 211 infrastructure sub-projects were completed, including replacing and upgrading drinking water networks, renewing sewage systems, canal lining, paving roads, tiling streets with interlock blocks, and restoring and maintaining public buildings. Additionally, hundreds of awareness seminars were held in collaboration with 166 local NGOs to inform youth and families about the dangers of irregular migration and available alternatives. Youth employability was supported by partnerships with 53 entities to deliver training, counselling, and guidance that equips them with technical skills needed for local job markets. Darwish noted that these interventions not only provided immediate economic benefits but also contributed to long-term community resilience by upgrading essential services and infrastructure. The closing conference concluded with a shared commitment among all partners — MSMEDA, the EU, and participating ministries — to build on these achievements. The next phase will focus on expanding successful models, strengthening entrepreneurship ecosystems, and integrating lessons learned to ensure youth can find dignified work and build futures at home. The Agreement on Tackling the Root Causes of Irregular Migration stands as a leading example of how coordinated, development-focused interventions can address migration drivers by investing in people, local economies, and sustainable community development.
See - Sada Elbalad
07-07-2025
- Business
- See - Sada Elbalad
Al-Mashat Expresses Gratitude to UNDP Representative for Contributions to Advancing Joint Relations
Nada Mustafa Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, received Mr. Alessandro Fracassetti, the Resident Representative of the United Nations Development Programme (UNDP) in Egypt, on the occasion of the conclusion of his tenure in Egypt. During the meeting, H.E. Dr. Rania Al-Mashat expressed her sincere gratitude and appreciation to Mr. Alessandro Fracassetti for his efforts over the past years, which witnessed fruitful cooperation between the Egyptian government and the UNDP across a number of priority development areas, under the framework of the strategic partnership between Egypt and the United Nations. H.E. Minister Al-Mashat emphasized that the partnership between the two sides witnessed remarkable progress, particularly in supporting the Sustainable Development Goals (SDGs) and enhancing the state's capabilities in the fields of governance, sustainable finance, and innovation in public policies. This was achieved through several areas including institutional capacity building and strengthening governance through the UNDP's support of the Ministry's initiatives to improve the capabilities of governance and internal audit units, which contributes to enhanced governmental performance, transparency, and oversight. The cooperation also extended to empowering the private sector in development, where the UNDP provided technical support to promote private sector participation in development plans through sustainable financing mechanisms. This aligns with the structural reforms the state is adopting. Additionally, collaboration has taken place in digital transformation and public policy development through the UNDP's support of the Ministry's efforts in digitizing services and promoting innovative policies. H.E. Dr. Al-Mashat also highlighted the cooperation between the two sides in launching Egypt's Integrated National Strategy for Finance (E-INSF), the first of its kind for finance in Egypt. This was part of the "Sustainable Development Goals Financing Strategy in Egypt" project, in cooperation with the Office of the UN Resident Coordinator in Cairo, and with the support of the UN Joint SDG Fund. Furthermore, they launched SDG Localization Reports and prepared the Procedural Guide for Monitoring and Evaluation, which is part of the joint efforts of both sides, providing a comprehensive and unified reference for those involved in the monitoring and evaluation process to enhance the concept of results-based management and its application in daily work, thereby improving the monitoring of the implementation of development plans and programs and strengthening impact monitoring and evaluation. For his part, Mr. Alessandro Fracassetti expressed gratitude to Dr. Rania Al-Mashat for constructive cooperation over the past years, both through the Ministry of International Cooperation and after the merger of the Ministries of Planning, Economic Development, and International Cooperation. He expressed his appreciation for the continuous coordination between the two sides to support the various projects undertaken, aiming to support Egypt's progress towards achieving the Sustainable Development Goals. At the conclusion of the meeting, H.E. Minister Al-Mashat wished Mr. Alessandro Fracassetti for success in his future endeavors. She also honored him in appreciation of his efforts during his tenure in Egypt. She further reaffirmed the continuation of constructive cooperation between the Ministry and the UNDP in the coming phase, in light of the Egyptian state's priorities and its vision for comprehensive and sustainable development. 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Business Insider
06-07-2025
- Business
- Business Insider
Egypt secures over $900 million in debt swap deals with Germany, Italy and China
Egypt is strategically leveraging debt swap agreements to alleviate its debt burden and unlock development financing, amid growing calls for global financial system reform. Egypt utilizes debt swap agreements to reduce financial strains and boost development financing. Notable deals include partnerships with Germany, Italy, and China, totaling over $900 million. Challenges like increased external debt and debt servicing costs underlined the need for global reforms. According to the country's Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat, Egypt has signed debt swap deals worth over $900 million with Germany and Italy. Additionally, the country has finalized a pioneering debt swap agreement with China, with the sole purpose of easing the country's financial pressures and supporting its development goals. Al-Mashat made the announcement during a high-level session at the Fourth International Conference on Financing for Development (FfD4) in Spain. The session highlighted the pressing fiscal challenges facing low- and middle-income countries, particularly in Africa. Quoting new figures, Al-Mashat revealed that external debt among these countries increased to $8.8 trillion as of 2023. Consequently, debt servicing costs have surged to $1.4 trillion almost double what they were a decade ago. ' Over 60 percent of low-income countries are now in or near debt distress,' she warned, stressing that without immediate policy shifts, global public debt could rise above 100 percent of GDP by 2030. For many African nations, whose economies are already stretched thin by climate shocks, currency depreciation, and external borrowing costs, she said the figures reflect an urgent need for reform. Egypt seeks improved financing standards The Minister further urged the international community to embrace more adaptable and transparent financing mechanisms. She proposed responsible lending standards, the automatic suspension of debt during crises, and a global platform for sharing expertise on innovative financing instruments like debt swaps. She also pressed multilateral development banks to scale up the use of Special Drawing Rights (SDRs), blended finance, and liquidity tools to support countries tackling climate change and development goals. Egypt's approach could serve as a blueprint for other African nations seeking relief from unsustainable debt while pursuing long-term growth. As global financial talks continue, Cairo's bold strategy underscores the potential of innovation in rewriting Africa's debt narrative.
