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Egypt FM urges unhindered humanitarian aid to Gaza amid ongoing famine - Foreign Affairs
Egypt FM urges unhindered humanitarian aid to Gaza amid ongoing famine - Foreign Affairs

Al-Ahram Weekly

time19 hours ago

  • Business
  • Al-Ahram Weekly

Egypt FM urges unhindered humanitarian aid to Gaza amid ongoing famine - Foreign Affairs

Minister of Foreign Affairs Badr Abdelatty stressed on Sunday the urgent need for unhindered delivery of humanitarian, relief, and medical aid to Gaza amid the famine facing the Palestinian population. Abdelatty made these remarks during a press conference with Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat and Germany's Minister for Economic Cooperation and Development, Reem Alabali-Radovan. During the press conference, Abdelatty asserted that the displacement of Palestinians from their land is a red line that will not be tolerated under any circumstances, stressing international rejection of such plans. The Egyptian FM stressed that the Israeli aggression on the Gaza Strip and the West Bank is blatant and unacceptable and that it has crossed all boundaries. He further emphasised the importance of broadening efforts to achieve recognition of the Palestinian State in line with the two-state solution. Abdelatty also touched on the latest developments in the Gaza ceasefire talks. He highlighted Egypt's intensive efforts, alongside Qatar and the US, to reach a deal swiftly. "We hope that a deal will be reached soon," the Egyptian FM said. Gaza reconstruction During the press conference, Abdelatty reviewed Egypt's ongoing arrangements to host the international conference on early recovery and reconstruction in Gaza immediately after the announcement of a ceasefire deal. He noted that the conference will align with the Arab-Islamic plan for Gaza reconstruction, while ensuring the Palestinian people remain on their land. "We look forward to Germany's participation in the conference," Abdelatty said during the press conference. He confirmed that Egypt's vision for Gaza reconstruction has been finalised in coordination with the United Nations, the World Bank, and the Palestinian government, stressing the need to mobilise the necessary financial resources to rebuild Gaza. Abdelatty indicated that the conference will include workshops addressing the security arrangements, governance, and administration in Gaza. He said that the top priority during the first six months following a ceasefire will be the early recovery while ensuring the Palestinian people remain on their land in Gaza. For her part, the German official said that the situation in Gaza is "extremely fragile." Israel's deliberate starvation of Gaza's population is deepening the humanitarian catastrophe and sparking global condemnation. On Sunday, the UN Relief and Works Agency (UNRWA) warned that Israel is starving civilians in Gaza, including one million children. Last week, UNICEF reported that 112 children are being admitted to Gaza's hospitals each day for treatment of acute malnutrition and severe wasting. Since June, at least 620 people have already died from hunger, including 70 children. Moreover, hospitals in Gaza are receiving a growing number of fainting cases due to severe hunger that is exhausting the citizens. Economic cooperation During the press conference, the Egyptian FM said that President Abdel-Fattah El-Sisi has directed efforts to strengthen ties with Germany. He expressed Cairo's keenness to elevate relations with Berlin to the level of a strategic partnership. Abdelatty praised Germany's constructive role in supporting development projects in Egypt. He looked forward to strengthening the strategic partnership with Germany in energy, regulated migration and labour mobility, water resource management, vocational training, and cooperation in Africa. Abdelatty also emphasised the importance of boosting economic, trade, and investment cooperation, which holds promising opportunities in light of the economic reforms Egypt has undertaken to improve the business climate and attract foreign investments. He extended an invitation to German companies to expand their investments in various sectors in Egypt. For her part, Al-Mashat highlighted the strategic ties between Egypt and the EU. She reviewed key features of Egypt's economic and social development plan. She also reviewed Egypt's structural reforms and plans to transition the economy to tradable and export-oriented sectors. Furthermore, Al-Mashat highlighted the implementation of several projects within the debt swap programme with Germany. She also stressed the importance of exploring new mechanisms for innovative financing. Moreover, Al-Mashat noted the importance of enhancing South-South cooperation and trilateral cooperation through German partnerships to support efforts in transferring Egyptian development expertise to developing and emerging countries. Water security During a meeting that brought together Abdelatty, Al-Mashat, and the German official, Minister of Water Resources and Irrigation Hani Sewilam addressed Egypt's water security file and the latest developments related to the Nile River, according to the Egyptian foreign ministry. Sewilam highlighted Germany's extensive expertise in sound regional governance of shared water resources. He noted that Egypt's position on shared water resources is based on respect for relevant international law, ensuring mutual benefits, and consideration of the interests of all countries in the Nile Basin Initiative (NBI). Sewilam strongly rejected any unilateral actions that violate international law in the Eastern Nile Basin, noting Egypt's deep relations with the Nile Basin countries and its support for their development, especially after Egypt played an essential role in launching a new mechanism for financing and mobilising funds for projects in those countries. For her part, the German minister affirmed that Egypt will remain a significant partner to her country, emphasising that Berlin values its strong relations with Cairo. Follow us on: Facebook Instagram Whatsapp Short link:

Al-Mashat Expresses Gratitude to UNDP Representative for Contributions to Advancing Joint Relations
Al-Mashat Expresses Gratitude to UNDP Representative for Contributions to Advancing Joint Relations

See - Sada Elbalad

time07-07-2025

  • 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. Rania Al-Mashat Rania Al-Mashat 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 Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News Flights suspended at Port Sudan Airport after Drone Attacks News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean

Egypt secures over $900 million in debt swap deals with Germany, Italy and China
Egypt secures over $900 million in debt swap deals with Germany, Italy and China

Business Insider

time06-07-2025

  • 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.

Egypt Signs USD 900 Million Debt-Swap With Germany, Italy & China
Egypt Signs USD 900 Million Debt-Swap With Germany, Italy & China

CairoScene

time03-07-2025

  • Business
  • CairoScene

Egypt Signs USD 900 Million Debt-Swap With Germany, Italy & China

The agreements aim to reallocate external debt repayments toward domestic development initiatives, offering Egypt greater flexibility in addressing economic challenges. Jul 03, 2025 Egypt has secured more than USD 900 million in debt-swap agreements with Germany, Italy and China, according to an announcement by Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat at the Fourth International Conference on Financing for Development, a high-level United Nations event taking place in Seville, Spain. The agreements aim to reallocate external debt repayments toward domestic development initiatives, offering Egypt greater flexibility in addressing economic challenges. Minister Al-Mashat highlighted the growing debt burden on low- and middle-income countries, which now amounts to USD 8.8 trillion, with nearly 60% of nations either in or approaching debt distress. Egypt's new swaps are intended to provide fiscal breathing room while supporting development goals aligned with Vision 2030. The conference focused on debt solutions and international reform, where Egypt also called for broader financial policy shifts, including the use of Special Drawing Rights and more inclusive multilateral development bank strategies. The minister emphasised the need for updated risk frameworks and automatic suspension mechanisms to ensure a more resilient and equitable global financial system.

Egypt signs debt swap agreements with Germany, Italy, China - Economy
Egypt signs debt swap agreements with Germany, Italy, China - Economy

Al-Ahram Weekly

time03-07-2025

  • Business
  • Al-Ahram Weekly

Egypt signs debt swap agreements with Germany, Italy, China - Economy

​Egypt has signed debt swap agreements worth over $900 million with Germany and Italy, as well as a first-of-its-kind debt swap deal with China, Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat announced on Thursday. The minister's announcement came during the high-level session titled 'Debt Solutions for Resilience and Reform: Financing the 2030 Agenda in Africa and Beyond,' held on Thursday during the Fourth International Conference on Financing for Development (FfD4) in Seville, Spain. The conference, held from 30 June to 3 July, aims to advance Sustainable Development Goals (SDGs) and support the reform of international financial architecture. The session highlighted the growing debt burden on developing countries, according to a statement by the Ministry of Planning, Economic Development, and International Cooperation. During the session, Al-Mashat noted that the external debt stock of low- and middle-income countries reached a record $8.8 trillion in 2023. Debt servicing costs totalled $1.4 trillion, nearly $1 trillion when excluding China, double the level from a decade ago. "Over 60 percent of low-income countries are now in or near debt distress," Al-Mashat said. Without policy intervention, global public debt is projected to surpass 100 percent of global GDP by 2030, she added. Call to action Minister Al-Mashat called for a more flexible global financial system and transparent, fair, and innovative approaches to sovereign debt, including responsible lending standards and the automatic suspension of debt during crises. She stressed the need for a global platform to share expertise and provide technical support on innovative financing and debt swaps. Additionally, Al-Mashat highlighted the need to update the Debt Sustainability Analysis for fairer assessments of countries' repayment capacity. She also called on multilateral development banks to expand the use of Special Drawing Rights (SDRs), blended finance, and liquidity tools to address global challenges such as climate change. Follow us on: Facebook Instagram Whatsapp Short link:

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