Brussels: Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, held a significant meeting with Ms. Annika Eriksg¥rd, Director of Financial and Economic Affairs at the European Commission (EC). This meeting took place on the sidelines of the second edition of the Global Gateway Forum, a platform focused on developing innovative strategies for expanding Global Gateway investments in partner countries.
According to State Information Service Egypt, Minister Al-Mashat underscored the robust partnership between Egypt and the European Union, emphasizing their collaborative efforts in fostering macroeconomic stability and advancing economic reforms. She discussed the Macro-Financial Assistance (MFA) and Budget Support mechanism, noting that the first phase, valued at pound 1 billion, had been disbursed in December 2024. The discussions were directed towards the upcoming Memorandum of Understanding for the second phase of the MFA mechanism.
Minister Al-Mashat revealed that Egypt has engaged in a series of thorough technical consultations with the EC's Directorate-General for Economic and Financial Affairs and relevant Egyptian authorities. These discussions aim to finalize the reform package for the program's second phase, which includes 87 structural reforms aligned with Egypt's National Structural Reform Program.
She also presented the English version of the executive summary of the National Economic Development Narrative. This document outlines a comprehensive economic reform agenda that goes beyond fiscal and monetary policy to cover real economy sectors. The Minister emphasized a roadmap designed to empower the private sector and boost competitiveness, built on three core pillars: ensuring macroeconomic stability, enhancing competitiveness by improving the business climate, and advancing the green transition in line with sustainable development goals.
Minister Al-Mashat highlighted the significance of the upcoming Egypt-EU Summit in late October, seeing it as an essential platform to bolster the strategic partnership between Egypt and the European Union. The summit will cover various cooperation areas, including economic and investment relations, sustainable development, food security, energy, and the green transition.