Al Mashat: Egypt believes in the necessity of regional integration and multilateral cooperation to achieve common development

H.E. Dr. Rania Al-Mashat, Minister of Planning and Economic Development and International Cooperation, participated in a high-level discussion session addressing the shifts in economic conditions in the African continent, as part of the CNN International events in the British capital, London. Participants included Ambassador Javier Niño Pérez, Head of the European Union Delegation to the African Union, and Ms. Zain Asher, CNN International anchor.

During her participation, the Minister of Planning, Economic Development and International Cooperation emphasized that the African continent today stands at a pivotal moment in light of global geopolitical and economic transformations, as it possesses about 30% of the world's mineral wealth and enjoys a central strategic location connecting the three continents, which enhances its capacity to become a major hub for global trade and supply chains.

Dr. Rania Al-Mashat added that Africa's vast potential necessitates amplifying its role in the global economy through developmental and investment partnerships that achieve mutual benefit. The Minister highlighted the evolution of economic relations between Africa and its international partners in recent years.

Dr. Al-Mashat reaffirmed that the African continent possesses the essential components for achieving regional economic integration through the African Continental Free Trade Agreement (AfCFTA), which paves the way for one of the world's largest commercial markets, comprising more than 1.4 billion people. This agreement represents a fundamental pillar for boosting investments and joint industrialization, and building an African economic power capable of achieving real added value in the global economy.

In a related context, Dr. Al-Mashat stressed that financing challenges still exist in many African countries due to high borrowing costs, which affects investment capacity and hinders the implementation of vital projects in health, education, and infrastructure.

Minister Al-Mashat noted that many countries on the continent spend a large percentage of their revenues on debt servicing, reflecting a genuine gap that requires a reform of the global financial system to ensure just financing and support the ability of developing countries to foster economic growth and achieve Sustainable Development Goals (SDGs).

The Minister reviewed Egypt's experience in mobilizing finance and maximizing private sector participation through innovative partnerships with international institutions, based on clarity, transparency, and national ownership, rather than merely a lender-borrower relationship.

Consequently, Egypt has succeeded in formulating and implementing vital development projects in recent years. International institutions have also made available about $16 billion for the private sector in Egypt, and the country platform of "NWFE" Program has become a model for global climate investment mobilization platforms, given its capacity to create partnerships between various financing institutions and international partners to encourage green investments in Egypt.

In a related context, the Minister indicated that Egypt is currently working to continue the path of economic reform through “Egypt’s Narrative for Economic Development” which reflects Egypt's vision for transitioning to a private sector-led growth model linked to exportable sectors. This is being achieved by improving the investment environment and directing public investments to support projects that enhance competitiveness and achieve sustainable and inclusive growth.

Dr. Al-Mashat also mentioned Egypt's vision for strengthening cross-regional alliances through the development of strategic partnerships between Africa and its partners in Europe and the Gulf, based on Egypt's geo-economic position as a gateway connecting the North and the South. She stressed that developing sustainable trade corridors and financing clean energy and green industrialization projects would contribute to pushing the continent toward a new phase of growth.

Dr. Al-Mashat pointed out that achieving just and sustainable growth is now contingent upon building economic alliances capable of expanding the volume of investments and enhancing economic integration between countries. She noted that Africa possesses the necessary components to place it at the heart of global economic transformations, and that Egypt continues to work with its international partners to create a more inclusive and sustainable development environment across the continent.

The conference, organized by CNN International, is held with the participation of a selection of senior government officials and international organizations, including Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), Ambassador Javier Niño Pérez, EU Ambassador to the African Union, and Ms. Nadia Calviño, President of the European Investment Bank (EIB), along with a number of prominent international figures.