Latest news with #Raniaal-Mashat
Egypt Independent
20-05-2025
- Business
- Egypt Independent
Egypt to receive 4 Billion euros in EU budget support
Minister of Planning, Economic Development, and International Cooperation Rania al-Mashat announced that efforts are in place alongside the European Union (EU) to implement a macroeconomic support mechanism and support the state's budget deficit with a value of four billion euros. She affirmed the Egyptian government's appreciation for the economic partnership with the EU and the upgrade of relations to a strategic partnership. Mashat added that these efforts constitute vital support for the state's efforts to implement the ongoing structural reform program. During her meeting with the European Commissioner for International Partnerships, Joseph Sikela, Mashat discussed strengthening the strategic partnership between Egypt and the European Union. She highlighted sustainable development priorities, green transformation efforts, cooperation within the the 'Team Europe' initiative, and support for the NWFE program. Mashat added that technical discussions with the European side are ongoing in preparation for the upcoming assessment mission, ensuring consensus on reform priorities and enhancing the development impact of financing. The meeting also addressed the private sector investment guarantee mechanism and efforts to activate it to mobilize more European investments into the local market.
Egypt Independent
20-05-2025
- Business
- Egypt Independent
Egypt's Planning Ministry announces 4 billion euros in budget support from EU
Minister of Planning, Economic Development, and International Cooperation Rania al-Mashat announced that efforts are in place alongside the European Union (EU) to implement a macroeconomic support mechanism and support the state's budget deficit with a value of four billion euros. She affirmed the Egyptian government's appreciation for the economic partnership with the EU and the upgrade of relations to a strategic partnership. Mashat added that these efforts constitute vital support for the state's efforts to implement the ongoing structural reform program. During her meeting with the European Commissioner for International Partnerships, Joseph Sikela, Mashat discussed strengthening the strategic partnership between Egypt and the European Union. She highlighted sustainable development priorities, green transformation efforts, cooperation within the the 'Team Europe' initiative, and support for the NWFE program. Mashat added that technical discussions with the European side are ongoing in preparation for the upcoming assessment mission, ensuring consensus on reform priorities and enhancing the development impact of financing. The meeting also addressed the private sector investment guarantee mechanism and efforts to activate it to mobilize more European investments into the local market.
Egypt Independent
15-05-2025
- Business
- Egypt Independent
Mashat hold talks with IMF to secure US$ 1.3 billion financing from RSF
Egyptian Minister of Planning, Economic Development and International Cooperation Rania al-Mashat held a meeting with the International Monetary Fund (IMF) mission, headed by Ivana Vladkova Hollar. The meeting reviewed the reform measures that the Ministry intends to implement within a package of reforms scheduled to secure US$ 1.3 billion financing from the Resilience and Sustainability Facility (RSF). The meeting outlined three key reforms, which relate to climate-related standards and procedures in the project selection phase within the economic and social development plan. These expand the scope of projects under the Country Platform for Green Projects in the NWFE program, as well as for the asset registration pilot project, alongside conducting analyses of climate risks associated with the geographical location of these assets. Mashat assured that the Country Platform for the NWFE program is at the core of the measures implemented by the state as part of resilience and sustainability financing. She affirmed that the ministry, in its role of supervising and implementing the platform, has taken rapid and proactive steps to add new projects. Agreements and projects In March, a project was signed to construct a seawater desalination plant in Ain Sokhna as part of the water plans, and a second project was signed to develop the Zafarana plant as part of the energy plans, implemented by TAQA Arabia and Voltalia. An agreement was also signed between the ministry and the Norwegian company Scatec to cooperate in including Scatec's renewable energy projects within the energy pillar of the program. Scatec additionally signed a power purchase agreement with Egypt Aluminum to establish a one GW solar power plant to provide clean energy to the aluminum complex in Nagaa Hammadi. Mashat reviewed the implementation of the Country Platform for the 'NWFE' program, particularly regarding Egypt's energy pillar, which has attracted development financing for the private sector worth $3.9 billion in just two years to implement renewable energy projects with a capacity of 4.2 GW. The ministry seeks to increase financing to $10 billion to implement renewable energy capacities of about 10 GW, which supports Egypt's renewable energy capabilities. Egypt is eager to secure RSF funding from the IMF as part of its implementation of the National Climate Change Strategy 2050 and its Nationally Determined Contributions plan. In coordination with several ministries, the government is implementing a series of reforms under the RSF, which include focusing on: Accelerating decarbonization Analyzing climate-related financial risks Enhancing climate data and risk management, building adaptive capacity, strengthening the financial sector's resilience to climate change Supporting climate finance Identifying, measuring, and disclosing the impact of investment plans, programs, and projects on national climate change goals.
Egypt Independent
30-04-2025
- Business
- Egypt Independent
IMF and World Bank expect Egypt's economic growth to increase, Mashat
Minister of Planning, Economic Development, and International Cooperation Rania al-Mashat participated in a press conference held by Prime Minister Mostafa Madbouly following the weekly cabinet meeting. Mashat reviewed the most important economic developments, including the results of Egypt's participation in the Spring Meetings of the International Monetary Fund (IMF) and the World Bank, and their outlook on the Egyptian economy. Mashat revealed, according to a statement on Tuesday, that the Ministry of Planning, Economic Development, and International Cooperation will announce the details of the National Economic Development Narrative in June. The narrative will include clear targets for macroeconomic policies, foreign direct investment, industrial development, jobs, and the labor market, in line with the government's work program, Egypt Vision 2030, and the economic reform policies currently being implemented, she said. Mashat discussed the spring meetings of the IMF and the World Bank and their forecasts for global economic growth in light of recent economic developments such as protectionist trade policies. The global economic situation is uncertain, she said, a fact which was clearly evident in meetings with officials from international institutions, think tanks, decision-makers, and other government officials. Mashat added that protectionist trade policies and uncertainty were reflected in the results of the IMF's World Economic Outlook report. She explained that the report set a baseline scenario indicating that global economic growth would decline from 3.3 percent in 2024 to 2.8 percent in 2025, before rebounding to three percent in 2026 – a decrease of 0.5 percent and 0.3 percent from previous forecasts, if the announced trade policies remain as they are. The minister pointed out that although these expectations have an impact on growth in most regions of the world, the forecasts of the two largest financial institutions—the IMF and the World Bank—for the Egyptian economy are positive despite global developments. The review issued at the IMF's Spring Meetings forecasts growth of 3.8 percent in the current fiscal year, compared to 2.4 percent in the previous fiscal year, and then 4.3 percent and 4.8 percent in the next two fiscal years, respectively, the statement said. The World Bank, meanwhile, expects growth to rise to 3.8 percent and 4.2 percent in the current and next fiscal years, it added. The forecasts issued by the IMF and the World Bank are consistent with the government's growth projections, she said, as these forecasts are due to improvements in macroeconomic indicators, progress in implementing economic and structural reforms, and private sector engagement. They are also due to a decline in inflation from its peak levels and the beginning of the monetary easing cycle. The minister pointed out that the World Bank's meetings, which concluded late April, focused on growth and employment. Mashat noted that the World Bank focused on five priority sectors to increase growth and employment rates: infrastructure (physical and digital), agriculture as a labor-intensive business activity, primary healthcare, and tourism, which represents an employment multiplier, as each direct job creates four indirect jobs, in addition to value-added local manufacturing. Edited translation from Al-Masry Al-Youm
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.
