Sunday 22 Dec

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Al-Mashat: Fostering a competitive business climate to drive investment


Al-Mashat: Fostering a competitive business climate to drive investment

Minister of Planning, Economic Development and International Cooperation Dr. Rania Al-Mashat held intensive meetings with ministers of economy, development, and international cooperation, as well as officials from international financial institutions, on the sidelines of the G20 Ministerial Meeting in Rio de Janeiro, Brazil. The discussions focused on identifying priorities for joint cooperation and strengthening future partnerships in line with the government's agenda.

Al-Mashat met with Ahmed Hussein, Canadian Minister of International Development, Eva Granados, Spanish Minister of State for International Cooperation, Reem Al-Hashemi, UAE Minister of State for International Cooperation, Sifina Schulze, German Federal Minister for Economic Cooperation and Development, and Anneliese Jane Dodds, Minister of State for Women’s Affairs. Equality UK, José de Lima, Secretary of State for the Economy of Angola, and Chrysoula Zacharopoulou, Secretary of State for Development Cooperation of France.

The meetings focused on deepening cooperation across various development sectors, building on the strong partnership between Egypt and its allies. Dr. Al-Mashat outlined the government's efforts to implement economic and structural reforms under its 2024/2025-2027/2026 program. Key objectives include: developing Egyptian human capital through investments in social protection, health, and youth/women empowerment; fostering a competitive economy that attracts investment and creates private sector opportunities; and strengthening macroeconomic stability.

Rania Al-Mashat highlighted the crucial role of the G20's Development Working Group in addressing global challenges such as inequality, fostering cooperation between countries, and securing funding projects that can help communities adapt to climate change, especially regarding water management. She underscored the importance of these efforts in achieving the 2030 sustainable development goals, given the world's recent crises.

On the other hand, the Minister of Planning, Economic Development and International Cooperation held a meeting with Jutta Urpilainen, European Commission for International Partnerships, Cindy McCain, Executive Director of the World Food Program (WFP), and Rebecca Greenspan, Secretary-General of the United Nations Conference on Trade and Development (UNCTAD). She also met with Anil Kichora, Vice President and CEO of the New Development Bank (NDB), and Alvaro Lario, President of the International Fund for Agricultural Development (IFAD).

During these meetings, she discussed opportunities for future cooperation with the European Union, building on their strategic partnership. This included boosting investments through the investment guarantee mechanism and supporting structural reform efforts.

During discussions on ongoing cooperation projects with the World Food Programme, Al-Mashat emphasized the state’s commitment to supporting small-scale farmers and advancing agricultural and rural development. In a meeting with the Vice President of the New Development Bank, she affirmed Egypt’s keenness to expand joint collaboration with the bank in support of developing countries. She also commended the bank for successfully hosting its first forum in Egypt last June."