Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation and Egypt's Governor at the European Bank for Reconstruction and Development (EBRD), met with Mark Davis, the EBRD's new Regional Director for the Southern and Eastern Mediterranean Region. Davis succeeds Heike Harmgart in the role.
The two discussed joint cooperation initiatives, reviewed key EBRD projects undertaken in Egypt over the past year, and explored prospects for future collaboration. Officials from the EBRD and the ministry were also present.
Al-Mashat outlined the ministry's Framework for Sustainability and Financing for Economic Development, launched following the recent government reshuffle. This framework aims to maximise the use of planning tools, align with the Economic and Social Development Plan, and leverage external resources from development partners to support Egypt's Vision 2030.
The framework focuses on three pillars to achieve sustainable growth: data-driven economic development policy, building a future-resilient economy, and optimising resource allocation.
Data-driven policy involves informed discussions on areas such as human capital, industrial development, SMEs, technology, entrepreneurship, sustainable infrastructure and green investments, coupled with robust monitoring and evaluation. Building a resilient economy focuses on macroeconomic stability through structural reforms to foster economic competitiveness, macro-fiscal resilience and the green transition.
Optimising resource allocation involves an integrated national financing framework to mobilise domestic and international financing for priority sectors and the Sustainable Development Goals (SDGs).
Al-Mashat highlighted the ministry's use of economic diplomacy to secure development financing, noting that Egypt's private sector has secured approximately $14.5bn in concessional financing over the past four years. She also emphasised the strategic partnership with the European Union, including developments in the Macro-Financial Assistance (MFA) programme. Negotiations for the second phase of the MFA, worth €4 billion, are expected to begin soon, alongside a €1.8bn investment guarantee mechanism.
"EBRD's investments in Egypt last year reflect the bank's significant confidence in the Egyptian economy and the attractiveness of local and foreign private sector companies for external financing," Al-Mashat said.
She highlighted the success of reforms in the renewable energy sector, enabling the EBRD, a key partner in the "NWFE" country platform's energy pillar, to attract innovative financing.
The meeting also covered enhancing cooperation in green financing and renewable energy, considered key sectors for Egypt's future development. Discussions also addressed transport and the preparation of public-private partnership (PPP) projects, emphasising the importance of continued cooperation between the private sectors of both Egypt and the EBRD.
