Egypt has great cooperation opportunities with Greek, Cypriot firms in several economic sectors: Al-Mashat

Daily News Egypt
4 Min Read

Minister of International Cooperation Rania Al-Mashat affirmed that there are great opportunities for cooperation with Greek and Cypriot companies in the fields of energy, water, food, agriculture and tourism.

She added that the reforms that Egypt is moving forward with and the various governance systems that are at the forefront of parliamentary oversight; strengthening the role of the private sector; the clear strategic frameworks for cooperation with development partners as well as the deep-rooted relations with Greece and Cyprus. 

All of this supports the expansion and deepening of these relations in the coming period. During a meeting organized by the American Chamber of Commerce in Cairo on Tuesday afternoon, Al-Mashat explained to a large Greek-Cypriot delegation currently visiting Egypt all the dimensions and strategies of multilateral international cooperation with Egypt, noting that the development partners provided funds exceeding $10bn for renewable energy and the importance of green hydrogen projects that Egypt is working to establish in cooperation with Arab and foreign partners as well as the national private sector.

The minister indicated that Egypt is keen to increase its gas exports to Europe, and that we plan for renewable energy to contribute 42% of electricity production in 2035.

She said that Egypt’s hosting of the 27th Conference of the Parties strengthened the concepts and efforts of climate action in all institutions.

Egypt is the first country to launch the National Climate Development Report in the Middle East and North Africa region, in cooperation with the World Bank Group

 She explained the importance of the “NWFE” programme and the “Sharm El-Sheikh Fair Financing Guide” as they drive efforts to stimulate climate finance and accelerate the green transition.

She said that achieving sustainable development goals is at the forefront of the Egyptian government’s concerns, and that the government is working to bridge the technical gap just as it works to bridge the financial gap, and for this it is concerned with obtaining appropriate technical support in all its international partnerships.

Al-Mashat affirmed the Egyptian government’s belief in the importance of the private sector’s participation and its great competition as a major engine for comprehensive and sustainable economic growth. She stated that Egypt is making huge efforts to advance education, health, support and empower women, youth, start-ups, training services and soft financing.

She said that the current portfolio of development cooperation with the bank includes 14 projects distributed over several priority development sectors for the country, and also includes 23 projects for technical and advisory support and capacity building.

Sherif El-Khouly, a member of the Chamber and the regional director of Actis, said that the Egyptian-Mediterranean cooperation is growing, especially in the fields of gas, electrical connection, and tourism. It is also reflected in the figures and good partnership arrangements with the private sector.

Director of the Chamber, Silvia Menassa, said that the next meeting will be with Amr Talaat, Minister of Communications and Information Technology, pointing to the cultural dimension in relations with the Mediterranean countries, and that the electric link between Egypt and Europe via Greece received special attention from the mission.

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