Egypt’s Minister of International Cooperation, Rania Al-Mashat, met with Josef Sikela, the European Commissioner for International Partnerships, during his visit to Egypt to discuss enhancing economic relations.
The two officials reviewed the strategic partnership between Egypt and the European Union, focusing on sustainable development priorities, green transition efforts, cooperation within the “Team Europe” initiative, and support for Egypt’s Country Platform for the “NWFE” programme. Discussions also covered the implementation of the second phase of the Macroeconomic Support Mechanism, budget support, and investment guarantees for the private sector.
During the meeting, Al-Mashat expressed the Egyptian government’s appreciation for the economic partnership with the European Union and the elevation of relations to a strategic partnership.
The minister acknowledged the ongoing efforts to implement the Macroeconomic Support Mechanism and budget deficit support worth 4bn euros. She described this as “vital support for the state’s efforts in implementing the ongoing structural reform program in coordination.” Al-Mashat emphasised that technical consultations with the European side are continuous in preparation for an upcoming evaluation mission, aiming to ensure agreement on reform priorities and enhance the developmental impact of the financing.
The two sides also discussed investment guarantee mechanisms for the private sector and efforts to activate these to attract more European investments to the local market.
Both parties underscored the progress made in implementing the “NWFE” programme, which aims to stimulate investment in energy, water, and food projects. This falls within the framework of Egypt’s endeavours for a transition towards a green economy, particularly noting the contributions of the European Union and European countries in providing development financing and technical support for the programme’s projects. The European Commissioner affirmed the importance of this programme as a model for innovative development cooperation and praised Egypt’s leading role in driving the climate action and sustainable development agenda in Africa.
In the context of enhancing transparency and information exchange, Al-Mashat presented the Commissioner with a copy of the Ministry’s annual report. The report monitors achievements and progress in the implementation of development projects funded by international partners and highlights coordination efforts between various government agencies and development partners.
Both parties reaffirmed their joint commitment to strengthening the partnership between Egypt and the European Union in accordance with the priorities of the 2030 Agenda and the United Nations Sustainable Development Goals. This includes a particular focus on the green transition, women’s economic empowerment, and enhancing economic and social resilience in light of global changes.
The Egyptian-European Summit was noted as a turning point in the relationship, witnessing the announcement of the elevation of relations to a strategic partnership. Under this announcement, a financial package worth 7.4bn euros was agreed upon to enhance European investments in Egypt, support the Egyptian economy, and expand the scope of cooperation. This cooperation focuses on national priorities such as enhancing economic stability to ensure an attractive investment environment, encouraging investment and trade to strengthen bilateral economic relations, developing migration and mobility frameworks for organised and mutually beneficial exchange of human resources, and expanding efforts to develop human capital.
