Egypt’s Minister of International Cooperation Rania Al-Mashat has received a delegation from France’s Ministry of Finance, to discuss a new financing package for 2021/2025.
The French delegation included: Michel Oldenburg, head of the French Economic Mission in Cairo; Gabriel Cumenge, Deputy Assistant Secretary for the Ministry of Finance; Stéphane Romatet, the French Ambassador in Cairo; and Fabio Grazi, director of the French Development Agency in Cairo.
Also present at the meeting were Minister Plenipotentiary Ahmed Abdel Azim, Director of Western European Affairs at Egypt’s Ministry of Foreign Affairs.
The meeting witnessed discussions on the final details of the new financing package as part of the economic cooperation between the Egyptian and French governments. The package aims to provide finance for priority development projects in several sectors during the period from 2021 to 2025. This is in light of Egyptian President Abdel Fattah Al-Sisi’s visit to France last December.
The French delegation also discussed the arrangements for the upcoming visit of France’s Minister of Economy and Finance Bruno Le Maire to Egypt on 12-13 June. During the visit, Le Maire is scheduled to meet Minister Al-Mashat and a number of officials in Egypt to discuss areas of joint cooperation.
Minister Al-Mashat said that the new financial package is scheduled to be directed to projects in the areas of: transportation, notably metro systems and railways; housing; electricity; and wholesale markets.
This is in accordance with the priorities of the Egyptian Government and its sustainable development goals.
She noted that her ministry has coordinated and followed-up with the French side and the concerned authorities in Egypt to monitor the details of projects to be financed as part of the new financial package.
Minister Al-Mashat stressed that there is a need for the new financing package as part of cooperation between the two countries to comply with three basic elements, namely efficiency, price competitiveness, and speed of implementation.
This is in addition to including grants to support the implementation of detailed feasibility studies for the projects to be implemented.
The minister stressed the depth of the strategic cooperation relations between Egypt and France, which contribute to supporting the implementation of the National Development Agenda.
As part of this, development financing documents worth €715.6m were signed during the visit of President Al-Sisi’s to France last December. The current period is also witnessing agreement on the final details of these financings.
The strong relations between Egypt and France reflect the depth of political and economic cooperation, with France always working to support and strengthen these relations. This is through participating in financing development projects in accordance with the Egyptian reform plan.
Since 1974, Egypt has obtained about €7.5bn through 42 protocols to support economic development in Egypt to finance development projects.
It is worth mentioning that France has implemented many vital projects in several areas, such as the construction of the Cairo Metro and its three lines, as well the establishment of an information system in the Bibliotheca Alexandrina.
Other projects includ power stations, the construction and expansion of telephone exchanges in several governorates, the expansion of drinking water and sewage stations, and the development of a system air control.