Egyptian Planning and International Cooperation Minister Rania Al-Mashat has held meetings with officials from the World Bank’s investment guarantee agency and the European Commission to discuss expanding private sector guarantees and preparations for an upcoming Egypt-EU summit, the ministry said.
The meetings took place on the sidelines of the World Bank Group’s Annual Meetings in Washington, DC.
MULTILATERAL INVESTMENT GUARANTEE AGENCY (MIGA)
In a meeting with MIGA’s Executive Vice President, Hiroshi Matano, Al-Mashat said Egypt is keen to enhance relations with the agency, given its significant role in financing the private sector through investment guarantees that help to increase foreign direct investment.
Al-Mashat called for the integration of various guarantee platforms, such as the World Bank’s Unified Guarantee Platform and the European Union’s €1.8bn Investment Guarantee Mechanism, to maximise the benefit for Egypt’s private sector from these financial tools.
The meeting reviewed MIGA’s guarantee portfolio in Egypt, which has reached approximately $709m for about 15 private sector projects in the energy, infrastructure, manufacturing, and renewable energy sectors since the agency began operations in the country in 2012.
Al-Mashat also highlighted the importance of the World Bank’s new Unified Guarantee Platform, launched in July 2024, which integrates guarantees from MIGA, the International Finance Corporation (IFC), and the International Bank for Reconstruction and Development (IBRD) to provide innovative financial solutions for the public and private sectors.
EUROPEAN COMMISSION
In a separate meeting, Al-Mashat and Finance Minister Ahmed Kouchouk met with Annika Eriksgard, the European Commission’s Director for Financial and Economic Affairs.
They discussed preparations for the upcoming Egypt-EU Summit in October and for the completion of procedures for the second tranche of the EU’s Macro-Financial Assistance (MFA) programme, which is worth a total of €4bn.
The meeting also addressed developments in the Egypt-EU Strategic Partnership, with Al-Mashat reaffirming ongoing coordination with national entities and the European Union on implementing the economic aspect of that partnership.
Al-Mashat had announced in December 2024 that the European Commission had approved the disbursement of the first €1 billion tranche of the MFA mechanism.
