Latest news with #SustainabilityandFinancingforEconomicDevelopment
See - Sada Elbalad
6 days ago
- Business
- See - Sada Elbalad
Al-Mashat Meets Development Partners to Expand Private Sector-Focused Programs
H-Tayea The Egyptian Minister of Planning, Economic Development, and International Cooperation, Rania A. Al-Mashat, held a meeting with the Executive Committee of the Development Partners Group (DPG) in Egypt. The committee, co-chaired by UN Resident Coordinator Elena Panova and EU Head of Cooperation Sophie Vanhaeverbeke, includes representatives from international institutions and embassies from France, Germany, Canada, Japan, the UK, the World Bank, and the French Development Agency. The meeting focused on aligning development cooperation with Egypt's national priorities and Vision 2030, especially amid declining global development financing. Participants discussed the importance of maximizing the impact of available resources and intensifying strategic coordination between development partners and the Egyptian government to meet the Sustainable Development Goals (SDGs). Dr. Al-Mashat affirmed Egypt's commitment to developing innovative mechanisms of joint cooperation to drive private sector-led economic growth and promote sustainable development. She emphasized that the Development Partners Group is a vital platform to coordinate programs, prevent duplication, and ensure efforts are directed toward national priorities. The government seeks to rely more on blended finance, leverage private investment, and diversify funding sources to reduce dependency on traditional development assistance. The Minister also highlighted Egypt's expanded strategy for mobilizing development finance through the Ministry's framework "Sustainability and Financing for Economic Development," which prioritizes evidence-based policies, a stronger private sector role, and economic competitiveness. This framework is designed to improve the business climate, encourage export-led growth, and promote regional economic integration. Central to Egypt's long-term strategy is the Integrated National Financing Strategy (E-INFS), which identifies financing gaps and promotes partnerships to channel resources into critical sectors like healthcare, education, sanitation, and social protection. These efforts also aim to increase access to green finance and investment in climate adaptation projects. Dr. Al-Mashat reiterated that localizing the SDGs is a strategic priority. With support from the United Nations Development Programme (UNDP), Egypt has developed governorate-level reports to map regional strengths and development needs, enhancing policy alignment and improving service delivery across the country. The meeting also addressed labor market dynamics and the importance of creating a balanced legal environment for both workers and employers. Dr. Al-Mashat underlined the Ministry's coordination with the National Wages Council and the Ministry of Labor to ensure inclusive growth and job creation. As Chair of the Ministerial Committee for Entrepreneurship, the Minister discussed ongoing efforts to support startups and innovation in priority sectors such as ICT. She emphasized that entrepreneurship is a key pillar for long-term growth and a catalyst for competitiveness. On environmental sustainability, Dr. Al-Mashat reaffirmed Egypt's commitment to climate resilience. The Ministry is working with development partners to finance green initiatives, reduce emissions, and build institutional capacity to respond to climate change. These efforts are also essential to securing climate finance and supporting Egypt's transition to a low-carbon economy. The strong turnout and high-level engagement reflect the international community's recognition of Egypt's pivotal role in the region and its continued commitment to joint development efforts. 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Daily News Egypt
19-05-2025
- Business
- Daily News Egypt
Egypt targets EGP 700 bn for human development in FY 2025/26 plan, Al-Mashat says
Egypt plans to allocate EGP 700bn for total investments in human development in its FY 2025/26 plan, Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat said during a presentation to the Senate. Presenting the draft plan for economic and social development for the upcoming fiscal year, Al-Mashat stated that the government 'began correcting the economic course in March 2024 with integrated policies and measures.' She added that 'the fruits of reform are evident in the improvement of economic growth indicators in the first half of the fiscal year, supported by non-petroleum manufacturing industries.' The minister noted that the plan document 'follows a balanced approach that strengthens Egypt's economic resilience amid crises, disturbances, and geopolitical tensions,' and affirmed that 'the government is determined to continue the necessary measures to improve the investment climate and stimulate the private sector.' Al-Mashat delivered the statement before the Senate's plenary session, chaired by Counselor Abdel-Wahab Abdel-Razeq. She expressed appreciation to Abdel-Razeq and Senate members for their efforts in establishing democratic pillars and constructive discussion. She also thanked Hani Sari El-Din, Chair of the Financial and Economic Affairs Committee, and other committee heads for their input on the draft plan. Exceptional Timing and Reform Efforts Al-Mashat reaffirmed that the economic and social development plan for the upcoming fiscal year comes at an 'exceptional time' for the Egyptian economy, amidst regional and global transformations. She stated that Egypt has managed to break free from a 'vicious cycle' affecting the economy in recent years. Since March 2024, the government has initiated corrective measures based on consistent fiscal and monetary policies, strict governance of investment spending, and policies stimulating foreign investments, Al-Mashat said. These efforts are supported by the implementation of the national structural reform programme, aiming to solidify macroeconomic stability. The minister pointed to a 'noticeable improvement' in the Egyptian economy's performance, reflected in economic indicators showing growth of 3.5% in the first quarter and 4.3% in the second quarter of FY 2024/25, with an expected growth rate of about 4% for the year. This growth was primarily driven by non-oil manufacturing, a recovering tourism sector, and growth in communications and IT, despite external tensions affecting Suez Canal activity, she added. Plan Framework and Pillars Al-Mashat noted that the new draft plan is the first prepared by the ministry since the merger of the ministries of planning and economic development with international cooperation. It aligns with the ministry's new framework, 'Sustainability and Financing for Economic Development,' which links national and sectoral development plans and aims to maximise local and foreign financing sources and improve resource utilisation. The plan maintains public investment limits in line with fiscal discipline goals, aiming to create space for macroeconomic stability and allow the private sector to lead development. It is prepared within a medium-term budget framework (FY 2025/26-FY 2028/29) and incorporates advanced planning tools to improve public investment efficiency and performance monitoring. The plan is based on the continued implementation of the national structural reform programme, focusing on macroeconomic stability, competitiveness, business environment improvement for private sector participation, and a green economy transition. It also draws on the report 'Advancing Economic Development in Egypt: Reforms for Growth, Jobs & Resilience' to shift towards an economic model based on sustainable growth in tradable and exportable sectors. Key pillars of the FY 2025/26 plan include rationalising public spending, stimulating local manufacturing and innovation-based industries, and prioritising human development. The EGP 700bn allocated for total investments (private and public) in human development sectors (education, health, and other social services) in the FY 2025/2026 plan compares to EGP 447bn in the FY 2024/25 plan, an increase of over 56%. Public investments in these sectors are set at about EGP 327bn, representing over 28% of total public investments for the year. Improving Investment Climate Al-Mashat reiterated that the plan includes measures to improve the investment climate and stimulate the private sector through facilities and incentives. She noted ongoing negotiations with development partners to provide financing for the private sector, reflecting its attractiveness and the success of state-led structural reforms. The plan also focuses on stimulating innovation and entrepreneurship through the Ministerial Group for Entrepreneurship, aiming to enhance the capacity of startups and the entrepreneurship ecosystem.
