Minister of Planning: Egypt is continuing to implement the economic reform program and push the transition to a green economy
Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, confirmed that the government is moving forward in implementing the path of economic reform through the National Program for Structural Reforms, which aims to enhance macroeconomic stability, improve the business environment, and push the transition towards a green economy.
This came during the Minister’s participation, today, Sunday, in a number of sessions. Discussion within the activities of the “Global Gateway Forum” In the Belgian capital, Brussels, which discussed ways to enhance joint relations within the framework of the “Global Gateway” initiative, and cooperation in the fields of sustainable transport, health, investment and strategic partnerships.
Al-Mashat indicated that the “Global Gateway” initiative, which was launched by the European Union in 2021, represents a strategic platform to enhance the interconnection between the Union and the countries of the world through… Major projects in the fields of renewable energy, digital transformation, smart transportation, education and innovation.
The Minister stressed the depth of the strategic partnership between Egypt and the European Union, which was embodied in the Egyptian-European Summit and the Egyptian-European Investment Conference, explaining that Egypt seeks to maximize the benefit from soft financing and technical support to enhance development in priority sectors, in addition to bilateral partnerships with countries. European.
Al-Mashat also highlighted the pivotal role of European multilateral development banks in designing and financing projects, both within the framework of the “Global Gateway” initiative and Or at the national level, stressing that its contribution goes beyond financing to include preparing studies and developing executive frameworks for projects.
She explained that the private sector is a major partner in achieving economic growth and creating job opportunities, benefiting from the financing tools provided by these partnerships, stressing that the principle of “national ownership” It is the basis for the success of international cooperation, as it ensures that projects are compatible with the country’s priorities. The Minister stressed the importance of transforming partnerships and agreements into realistic projects that achieve the principle of “mutual benefit,” noting that the “European Investment Guarantees Mechanism in Egypt” With a value of 1.8 billion euros, it represents an important tool to enhance private sector investments and provide guarantees to local and foreign investors.
It also reviewed the launch of the "National Narrative for Economic Development" Which represents an integrated framework that combines Egypt’s Vision 2030 and the government’s action program, with the aim of enhancing macroeconomic stability, supporting the productive and export sectors, and stimulating the private sector’s participation in development. Al-Mashat stressed that investing in infrastructure, despite its high cost, is an investment in the future that creates a favorable environment for industrial growth and attracting private investments, noting that Egypt has already moved from the stage of building infrastructure to the stage of expansion in manufacturing and export.
The minister concluded by stressing that the Egyptian economy is witnessing a noticeable improvement, reflected in achieving a growth of 5% during the period. The last quarter was driven by the manufacturing and tourism sectors, confirming the country’s keenness to continue expanding in these sectors to promote comprehensive and sustainable growth.
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