The Ministry of International Cooperation in Egypt held a meeting with the European Union and European Investment Bank to discuss the new mechanisms for future cooperation, in an effort to cement economic ties as part of the future cooperation program 2021-2027.
Tuesday’s meeting was chaired by Minister of International Cooperation Rania Al-Mashat. It aimed at discussing mechanisms to increase the contribution of European funding institutions, such as the European Investment Bank, the French Development Agency (AFD), and the German Development Bank (KfW), in boosting the private sector’s contribution to development in Egypt.
The meeting also addressed possible guarantees that can be given to reinforce the funding of the Egyptian private sector, namely in the sectors of renewable energy, transport, SMEs, and telecommunication.
The meeting was attended by Assistant Minister of International Cooperation for Planning and Monitoring Randa Hamza, head of Cooperation with International Finance Institutions Mohamed Abdel Gawad, and several officials from the Ministry of International Cooperation, Ministry of Finance and the General Authority for investment.
It was also attended by the head of EU Delegation to Egypt Ibrahim El Afia, head of EIB's Cairo office and its regional representation Alfredo Abad, and director of the European Neighborhood Policy Unit at the European Commission.
In February, the European Commission unveiled the Neighborhood, Development, and International Cooperation Instrument (NDICI) for 2021-2027.
The purpose was to stimulate social and economic recovery in the long run in countries neighboring Europe through an economic and investment plan.
