By Rédaction Africa Links 24 with Egypt Independent
Published on 2024-01-24 09:58:29
Minister of International Cooperation, Rania al-Mashat, highlighted the strong pace at which Egyptian-European relations are developing, emphasizing the significant impact of international partnerships with Team Europe Initiatives (TEIs). These partnerships have resulted in soft financing amounting to approximately US$12.8 billion being directed into Egypt over a span of four years.
In further detail, al-Mashat revealed that $7.3 billion of this sum was allocated to the government sector, with the remaining $5.5 billion channeled into financing for the private sector. Consequently, this has facilitated the attraction of investments by European companies in priority sectors within the Egyptian economy.
The minister’s comments were made during her participation in the EU-Egypt Association Council meeting, which took place in Brussels, Belgium. The primary focus of the meeting was to review cooperation with TEI institutions from 2020 to 2023 and to lay the groundwork for future collaborative efforts.
Al-Mashat emphasized that cooperation with the European Union serves as a prime example of constructive, long-standing partnerships that align with national priorities and effectively respond to crises. She further outlined that the allocated funds were directed towards priority sectors across Egypt. These include sustainable infrastructure, renewable energy, food security, health and education, sustainable transportation, water and sanitation networks, small, medium, and micro-enterprises, environment, solid waste management, women’s empowerment, and other programs.
Highlighting the European Union and its member states, along with financial institutions and affiliated multilateral development banks, al-Mashat identified them as Egypt’s main partners in advancing the country’s development and construction endeavors.
Furthermore, she stressed the extensive cooperation that Egypt has maintained with the European Investment Bank and the European Bank for Reconstruction and Development over the course of several decades. This collaboration has played a pivotal role in the execution of effective development projects.
Overall, al-Mashat’s statements underscore the significant impact of the burgeoning Egyptian-European relations and the pivotal role of international partnerships in driving Egypt’s development and growth.
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