2024/08/14

Al-Mashat: Boosting macroeconomy through investment Governance

Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation discussed with Ambassador Christian Berger, Head of the European Union delegation in Egypt a range of joint projects and cooperation initiatives for the coming period. Additionally, they agreed to monitor the implementation of the Macro-Financial Assistance (MFA) mechanism to support the budget and coordinate structural reforms with relevant authorities.

Al-Mashat highlighted the significant growth of the relationship between Egypt and the European Union, fostered by the strong of President Abdel Fattah El-Sisi, President of the Republic, and Ursula von der Leyen, President of the European Commission. This reflects the deep historical ties between the two parties and their shared commitment to advancing cooperation based on mutual priorities and interests.

The Minister said they will work closely with other countries and organizations to achieve Egypt's development goals. They will make sure all these partnerships align with Egypt's investment plans, making everything work more smoothly and helping the economy stay stable. The ministry will use its resources to continue economic reforms and focus on improving health, education, and industry.

She underscored the ministry's commitment to overseeing public investments and tracking investment plan progress at the governorate level. Additionally, she emphasized the ministry's role in coordinating government efforts to foster comprehensive growth, attain economic objectives, and stabilize the macroeconomy for sustainable, inclusive development.

Dr. Al-Mashat discussed the Macro-Financial Assistance (MFA) mechanism, whose first tranche was secured from the European Union during the Egypt-Europe Investment Conference. She confirmed that, in collaboration with national authorities, the country is implementing several structural reforms as part of this tranche. These reforms aim to bolster private sector involvement, accelerate the green transition, and strengthen macroeconomic stability."

Ambassador Christian Berger congratulated Dr. Rania Al-Mashat on the planning portfolio in addition to international cooperation, wishing her success in her new role.

It's noteworthy that over the past few years, the Team Europe Initiatives has mobilized €12.8 billion in investments and financing for both the government and private sectors from European countries and institutions.

In January, Dr. Al-Mashat presented a comprehensive overview of the Egyptian partnership with European countries and institutions from 2020 to 2024 during her participation in the Egyptian-European Partnership Council.