Egypt’s Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, held a high-profile meeting with a European Union delegation comprising representatives from 27 member states. The discussions focused on strengthening strategic investment partnerships to accelerate Egypt’s economic development.

Al-Mashat described the EU as a “strategic partner” for Egypt, highlighting their collaboration across sectors such as food security, renewable energy, and digital transformation. She underscored the EU’s significant contribution to Egypt’s development agenda through a €1.3 billion cooperation portfolio that includes grants and blended financing.

The talks come after a landmark Egyptian European summit in March, where President Abdel Fattah El-Sisi and European Commission President Ursula von der Leyen signed a strategic partnership agreement. This agreement aligns development projects with Egypt’s national priorities, focusing on sustainable investments, energy, water, food security, and climate change. It also includes a €7.4 billion European financial package, with €5 billion for budget support, €1.8 billion in investment guarantees, and €600 million in grants.

During the meeting, Al-Mashat highlighted Egypt’s efforts to attract foreign investments through structural reforms and innovative financing mechanisms. She noted the success of the first phase of the Macroeconomic Financial Assistance (MFA) program, worth €1 billion, which supports economic stability through reforms.

Al-Mashat also presented a report titled “A Shared Development Vision for Progress and Prosperity,” detailing $12.8 billion in cooperation with the EU between 2020 and 2023. This includes $7.3 billion in public sector investments and $5.5 billion in private sector financing.

The meeting also spotlighted Egypt’s innovative initiatives, such as the NWFE platform, launched during COP27. The platform, praised by multilateral development banks, aims to attract climate investments in water, energy, and sustainable transport projects.

The EU delegation included senior experts from the European Council’s CODEV-PI and RELEX-HQ teams, alongside diplomats from countries including Germany, France, Italy, and Poland. The meeting addressed key areas of collaboration such as macroeconomic support, budgetary assistance, and future joint initiatives.

Al-Mashat further discussed Egypt’s growing focus on green hydrogen production, emphasizing collaboration with European financial institutions and leveraging technical expertise. She also highlighted successful debt swap agreements with Germany and Italy and ongoing negotiations with China for similar initiatives.