Al-Mashat, NEAR Directorate-General discuss private sector guarantees ahead of Egypt-EU investment conference – Dailynewsegypt
Egypt’s Minister of International Cooperation, Rania Al-Mashat, met virtually with Gert Jan Koopman, Directorate-General Neighbourhood and Enlargement Negotiations (NEAR) at the European Commission, to discuss preparations for the upcoming Egypt-EU investment conference.
The focus of the discussion was the €1.8bn in guarantees the EU plans to provide to private sector companies operating in Egypt.
The two sides also discussed the mechanics of the European Fund for Sustainable Development, which will provide these guarantees, and explored opportunities for further private-sector financing in Egypt.
Minister Al-Mashat emphasized the growing strength of Egypt-EU relations, particularly after the signing of a strategic partnership agreement between Egyptian President Abdel Fattah Al-Sisi and European Commission President Ursula von der Leyen in March.
She highlighted ongoing efforts to coordinate between Egyptian entities and the EU to bolster Egypt’s macro-economy and budget and to further stimulate joint development efforts.
In April, the Ministry of International Cooperation hosted a high-level EU mission in Egypt, during which discussions were held with stakeholders across various sectors to outline future steps for macroeconomic and budget support.
The upcoming investment conference builds on the momentum of the historic Egypt-EU summit held in March, where the strategic partnership agreement was signed and a €7.4bn financing package for Egypt’s economy was announced.
Earlier this year, Minister Al-Mashat participated in the 10th meeting of the Partnership Council between Egypt and the EU in Brussels, where she launched a report titled “Partnership between Egypt and the Team Europe Initiative: A Shared Development Vision for Progress and Prosperity.” The report outlines the successful cooperation between Egypt and the Team Europe Initiative between 2020 and 2023 and sets the stage for future collaboration on shared priorities.
Over the past four years, international partnerships facilitated through the Team Europe Initiative have resulted in $12.8bn in soft loans for Egypt’s public and private sectors, attracting investment from European companies in key sectors such as sustainable infrastructure, renewable energy, food security, healthcare, education, transportation, and water and sanitation.