By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    blinx: New digital media hub for Middle East’s youth
    blinx: New digital media hub for Middle East’s youth
    September 24, 2023
    ADNOC Distribution launches first ADNOC service stations in Egypt
    ADNOC Distribution launches first ADNOC service stations in Egypt
    September 24, 2023
    Banks’ financial position grows to EGP 13.798trn in 1H 2023, CBE reports
    Banks’ financial position grows to EGP 13.798trn in 1H 2023, CBE reports
    September 24, 2023
    Shell, KUFPEC partner to explore Egypt's Mediterranean Block 3
    Shell, KUFPEC partner to explore Egypt’s Mediterranean Block 3
    September 24, 2023
    Food Export Council holds symposium on challenges of food exports to EU, US
    Food Export Council holds symposium on challenges of food exports to EU, US
    September 24, 2023
  • Politics
    PoliticsShow More
    Sudanese leader Al-Burhan denounces RSF commander’s letter to UN
    Sudanese leader Al-Burhan denounces RSF commander’s letter to UN
    September 24, 2023
    Egypt, Greece, and Cyprus stress coordination on gas, regional issues
    Egypt, Greece, and Cyprus stress coordination on gas, regional issues
    September 23, 2023
    CCCPA, African Union train officials on ‘Climate Responsive Programming for Sustaining Peace’
    CCCPA, African Union train officials on ‘Climate Responsive Programming for Sustaining Peace’
    September 22, 2023
    Egyptian Health Minister highlights country's interest in local drug manufacturing
    Egyptian Health Minister highlights country’s interest in local drug manufacturing
    September 21, 2023
    Egypt leads meeting to urge global support for Sudan’s humanitarian crisis
    Egypt leads meeting to urge global support for Sudan’s humanitarian crisis
    September 20, 2023
  • Interviews
    InterviewsShow More
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    September 18, 2023
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    September 14, 2023
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    September 12, 2023
    India welcomes Egypt's BRICS membership: Boosting trade, investment, and access to strategic commodities
    India welcomes Egypt’s BRICS membership: Boosting trade, investment, and access to strategic commodities
    September 11, 2023
    The box office is not a measure of success: Basma Hassan
    The box office is not a measure of success: Basma
    September 6, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: International Cooperation Minister Al-Mashat, private sector discuss economic challenges of COVID-19
Share
Notification
Latest News
blinx: New digital media hub for Middle East’s youth
blinx: New digital media hub for Middle East’s youth
Business
National Cancer Institute, Novartis Egypt host run to raise awareness on World Chronic Myeloid Leukemia Day
National Cancer Institute, Novartis Egypt host run to raise awareness on World Chronic Myeloid Leukemia Day
Culture
ADNOC Distribution launches first ADNOC service stations in Egypt
ADNOC Distribution launches first ADNOC service stations in Egypt
Business
Banks’ financial position grows to EGP 13.798trn in 1H 2023, CBE reports
Banks’ financial position grows to EGP 13.798trn in 1H 2023, CBE reports
Business
Shell, KUFPEC partner to explore Egypt's Mediterranean Block 3
Shell, KUFPEC partner to explore Egypt’s Mediterranean Block 3
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > International Cooperation Minister Al-Mashat, private sector discuss economic challenges of COVID-19
Business

International Cooperation Minister Al-Mashat, private sector discuss economic challenges of COVID-19

Daily News Egypt
Last updated: 2020/04/30 at 9:44 PM
By Daily News Egypt 5 Min Read
Share
Minister of International Cooperation Rania Al-Mashat Daily News Egypt
SHARE

Minister of International Cooperation Rania Al-Mashat met with international financial institution and private sector representatives to discuss help for the private sector in overcoming the ongoing coronavirus (COVID-19) pandemic.

The meeting, held via videoconference, which was attended by representatives from the agriculture, manufacturing, energy, and logistics sectors, discussed how to weather the negative economic effects of the pandemic. The private sector’s readiness to overcome challenges and identifying potential opportunities was also discussed.

The meeting, held via video conference came at the invitation of Minister Al-Mashat, and was organised by the International Finance Corporation (IFC). It occurred in the presence of IFC officials, alongside representatives from the World Bank, European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), and African Development Bank (ADB).

During the meeting, the minister highlighted the private sector’s role as a catalyst for development. She invited private sector participants in the meeting to present the main challenges they face due to the economic effects of the coronavirus.

Minister Al-Mashat stated that her ministry’s vision is for greater private sector participation in development, given its role as a major engine for Egypt’s economic growth. The ministry aims to nurture the integration of development projects funded by development partners and private sector investments, by strengthening partnerships in implementing development projects.

She pointed to the Ministry of International Cooperation’s new strategy launched to create collaborations with development partners. The strategy focuses on three main points, including making the citizen the project’s focus, and keeping the goal as the driving force.

Minister Al-Mashat added that public-private partnerships acknowledge existing gaps which have been highlighted by the coronavirus crisis. The partnerships also provide support across multiple sectors to millions of beneficiaries, pushing citizens towards unlocking their full potential.

The private sector representatives said that these measures have contributed to achieving a balance between maintaining production levels whilst taking the precautionary measures necessary to protect the labour force.

They also said that the food industry sector has been able to protect supply, despite the challenges in market supply and delivery operations that have impacted the supply chain. The representatives added that the real challenge lies in 2021 if the crisis continues, as it would impact the demand for goods and undermine the clients’ ability to pay.

They also said that the second half (H2) of 2020 and start of 2021 will be more challenging for projects, which could lead to some being suspended if the crisis persists.

They stressed, however, that Egypt has taken unprecedented steps in the new and renewable energy sector. These have enabled the country to increase its economic growth in this sector and achieve sustainable development goals despite the negative effects of the coronavirus.

Minister Al-Mashat said that, following the pandemic, international institutions have offered funds in the form of credit lines to private sector companies to increase liquidity.

The Ministry of International Cooperation has noted that the World Bank Group (WBG) has leant its support to Egypt’s efforts in implementing and financing structural reforms, projects, and public policy measures. These have been designed to enable the private sector to play a greater role in development, economic growth, and job creation.

Heike Harmgart, ERBD’s Managing Director for the Southern and Eastern Mediterranean (SEMED) region, confirmed that the bank has decided to significantly expand its “Flexible Framework”solidarity package. The package received a €3bn injection of funds, rising from €1bn to €4bn.

She stated that it focuses on financial institutions, small- and medium-sized enterprises (SMEs), tourism and transport companies, agricultural businesses, and medical supplies.

Alfredo Abad, Head of the EIB’s regional office in Cairo, said that the bank’s work supporting the private sector is focused on providing financial liquidity. Although the EIB participates in a number of European countries, it has contributed €500m towards the EBRD’s €20bn fund for countries outside the European Union.

Abad said that his bank is currently supporting nearly 300 SMEs, and is ready to increase credit lines. He added that new lines will be provided through banks, alongside cooperation with the private sector in pharmaceuticals.

You Might Also Like

blinx: New digital media hub for Middle East’s youth

ADNOC Distribution launches first ADNOC service stations in Egypt

Banks’ financial position grows to EGP 13.798trn in 1H 2023, CBE reports

Shell, KUFPEC partner to explore Egypt’s Mediterranean Block 3

Food Export Council holds symposium on challenges of food exports to EU, US

TAGGED: COVID-19, Economic challenges, International Cooperation Minister, Rania Al-Mashat
Share this Article
Facebook Twitter Email Print
Previous Article SKPC announces it is sticking to PP project plans
Next Article Public transport companies request government aid due to COVID-19
Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

blinx: New digital media hub for Middle East’s youth
blinx: New digital media hub for Middle East’s youth
Business
National Cancer Institute, Novartis Egypt host run to raise awareness on World Chronic Myeloid Leukemia Day
National Cancer Institute, Novartis Egypt host run to raise awareness on World Chronic Myeloid Leukemia Day
Culture
ADNOC Distribution launches first ADNOC service stations in Egypt
ADNOC Distribution launches first ADNOC service stations in Egypt
Business
Banks’ financial position grows to EGP 13.798trn in 1H 2023, CBE reports
Banks’ financial position grows to EGP 13.798trn in 1H 2023, CBE reports
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?