Egypt's Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, met virtually with Elena Flores, Deputy Director-General of the European Commission and Head of International Economic and Financial Relations, to discuss the next phase of the Egypt-EU Strategic Partnership's economic component. The meeting, which included representatives from key European Commission departments, focused on preparations for Phase II of the Macro-Financial Assistance (MFA) programme, amounting to €4bn , and the accompanying structural reforms. Al-Mashat highlighted the successful implementation of Phase I of the MFA programme, noting the ministry's coordination with national stakeholders and European counterparts to complete agreed structural reforms within the specified timelines. "She emphasized the continued commitment to fostering deeper economic collaboration between Egypt and the European Union."
The minister outlined the ministry's ongoing work with relevant ministries, national institutions, and international development partners to monitor the implementation of Egypt's national economic and structural reform programme. This programme, she explained, aims to attract budgetary support financing to facilitate key structural reforms.
Al-Mashat underscored that "reform is a continuous process, designed to adapt to both domestic and global economic changes, enable private sector growth, enhance competitiveness, and improve the overall business climate." She also highlighted the government's focus on macroeconomic stability, the transition to a green economy, and sustainable and inclusive development.
Al-Mashat reviewed the achievements of Phase I of the MFA programme, in which the European Union provided €1bn in concessional financing to support structural reforms that bolster private sector growth in Egypt.
"She stressed that supporting the implementation of structural reforms remains a cornerstone of the ministry's work, facilitated through strategic partnerships with multilateral and bilateral development partners. These reforms, she added, play a critical role in building a competitive, investment-friendly economy, driving private sector participation, and accelerating sustainable economic development."
Al-Mashat reaffirmed Egypt's commitment to strengthening its partnership with the European Union, which encompasses a comprehensive financial package. This package addresses six key priorities: enhancing political relations, promoting economic stability, fostering trade and investment, improving migration and mobility frameworks, advancing security cooperation, and supporting human-centred initiatives like skills development and education.
