Al-Mashat: Egypt–EU Summit This October Is a Pivotal Milestone in Strengthening Comprehensive Strategic Partnership

Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, met with Ms. Annika Eriksgard, Director for Economic and Financial Affairs at the European Commission, at the outset of her participation in the second edition of the “Global Gateway Forum,” held under the theme “Partnerships in a Geopolitical Age: Time for a New Strategic Conversation” in Brussels, with the participation of high-level representatives from governments, financial institutions, the private sector, and civil society to explore innovative strategies to expand the scope of Global Gateway investments in partner countries.

 

During the meeting, H.E. Dr. Rania Al-Mashat reaffirmed the strong partnership between the Arab Republic of Egypt and the European Union, particularly in the field of supporting macroeconomic stability and implementing economic reform programs. H.E. pointed to the “Macro-Financial Assistance and Budget Support Mechanism,” which came within the framework of this partnership, under which the first phase of €1 billion was disbursed last December. In this context, the meeting discussed preparations for signing the Memorandum of Understanding for the second phase of the Macro-Financial Assistance and Budget Support Mechanism.

 

Al-Mashat explained that over the past period, Egypt held a series of intensive technical meetings and consultations in cooperation with the Directorate-General for Economic and Financial Affairs at the European Commission and several relevant Egyptian national entities, with the aim of identifying the agreed-upon package of reforms under the second phase of the aforementioned mechanism, which include 87 key measures within the National Structural Reform Program, to be implemented progressively over the program’s duration.

 

During the meeting, Al-Mashat reviewed the English version of the executive summary of “Egypt’s Narrative for Economic Development,” explaining that the Narrative is a new economic reform program that extends that is not limited to the financial sector but includes the real economy sectors, and a timeline for implementing the accompanying structural reforms to empower the private sector and increase competitiveness.

 

H.E. added that “Egypt’s Narrative for Economic Development” is fundamentally based on the National Structural Reform Program, which is based on three main pillars: macroeconomic stability through disciplined fiscal and monetary policies; increasing competitiveness and improving the business and investment environment by addressing administrative and structural barriers; in addition to supporting green transition and sustainable development in line with international environmental commitments. H.E. noted that the Narrative integrates investment, industrial, commercial, and operational policies, with a particular focus on vital sectors including industry, tourism, agriculture, energy, and information and communications technology.

 

Al-Mashat further continued that the Narrative represents the general framework governing the policies and reforms implemented under the Macro-Financial Assistance and Budget Support Mechanism (MFA), both in its first and second phases, ensuring full integration between the reforms supported by the European Union and Egypt’s national economic reform agenda.

 

H.E. also noted the Egypt–EU Summit, scheduled to be held at the end of October, emphasizing the significance of this summit as a pivotal milestone in strengthening the strategic and comprehensive partnership between the Arab Republic of Egypt and the European Union. H.E. added that the Summit is expected to address avenues for economic, investment cooperation, and sustainable development, alongside food security, energy, and green transition issues.