Minister Al-Mashat Holds Meetings with Azerbaijan's Ministers of Digital Development, Transport, and Finance to Discuss Preparations for the Joint Committee Meeting between the Two Countries and Highlights Egypt's Commitment to Strengthen Partnerships in Trade, Investment, and Private Sector Cooperation.
Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, held a series of bilateral meetings with development partners and government officials during the COP29 Climate Conference in Azerbaijan.
Among the key meetings, Al-Mashat met with Rashad Nabiyev, Azerbaijan's Minister of Transport and Digital Development, as the two ministers co-chair the Egypt-Azerbaijan Joint Committee for Economic, Scientific, and Technical Cooperation.
Additionally, she held discussions with Mr. Samir Sharifov, Azerbaijan's Minister of Finance, to explore avenues to further advance bilateral relations in a wide range of development fields.
Al-Mashat extended her congratulations to the Republic of Azerbaijan for hosting the COP29 Climate Conference, highlighting the warm reception offered to the Egyptian delegation. She emphasized that this conference is being held at a pivotal moment for advancing global climate action efforts.
During these meetings, Al-Mashat highlighted the robust and growing bilateral relations between Egypt and Azerbaijan, stressing the importance of further strengthening economic ties across multiple sectors.
Preparations for the 6th session of the Egyptian-Azerbaijani Joint Committee, scheduled to be held in Egypt in 2025, were also discussed. The committee will be chaired by Al-Mashat on the Egyptian side and by the Minister of Digital Development and Transport on the Azerbaijani side.
A draft protocol for this session will be shared with Azerbaijan and will cover cooperation in key sectors, including renewable energy, oil and gas, tourism, culture, higher education, health, youth, and sports, as well as trade and investment.
Al-Mashat also acknowledged the successful visit of the President of Azerbaijan to Egypt in June 2024, during which seven agreements were signed, encompassing areas such as economic cooperation, digital transformation, youth and sports, electricity, oil and gas, and investment promotion. She underscored the recent meeting between the Prime Ministers of Egypt and Azerbaijan during the COP29 conference, emphasizing the strength of relations at all levels.
The discussions also touched on enhancing trade exchange between the two nations, with a focus on increasing Azerbaijani investments in Egypt, particularly in light of Egypt’s efforts to boost industrial localization and encourage investments in the Suez Canal Economic Zone.
Al-Mashat highlighted Egypt's leadership in green transformation, the empowerment of the private sector, and its growing role in green hydrogen generation, providing opportunities for experience exchange with Azerbaijan.
Organization for Economic Co-operation and Development (OECD)
In addition to bilateral meetings with Azerbaijani officials, Al-Mashat met with Mr. Carsten Staur, Chair of the OECD Development Assistance Committee (DAC), to explore ways to deepen cooperation between Egypt and the OECD. Discussions focused on new opportunities for joint work and strategic partnerships.
During the meeting, Al-Mashat outlined the Ministry’s efforts to promote effective development cooperation, particularly through the launch of an electronic system for managing and monitoring projects funded by development partners.
She also highlighted Egypt’s ongoing efforts to enhance South-South cooperation, noting the Ministry’s commitment to improving governance structures for development projects and sharing lessons learned with partner countries across Africa and Latin America.
The Minister commended the strong partnership between Egypt and the OECD, noting the role of the organization in supporting structural reforms and evidence-based policy development through diagnostic reports on various economic sectors in Egypt, as well as potential meetings upcoming in the 4th International Conference on Financing for Development.
Just recently, the minister met with the OECD Deputy Secretary-General to discuss cooperation with the organization regarding the implementation of the country program, and efforts to enhance structural reforms and encourage evidence-based policies through diagnostic reports issued by the organization on many economic sectors in Egypt.
Al-Mashat highlighted key joint initiatives with the OECD, including the Sharm El-Sheikh Guidebook for Just Financing, which presents scalable investment models for climate mitigation and adaptation projects that generate economic returns from clean energy, decarbonization, resource efficiency, and adaptive measures. The guide also emphasizes innovative financing tools, such as blended finance, to reduce investment risks in developing countries and scale up climate investments.
The minister also pointed to the Resilience Monetization and Credit Initiative (RMCI), a project developed in collaboration with the International Fund for Agricultural Development (IFAD), Duke University, and the NDC Partnership.
This initiative seeks to develop innovative financial models that mobilize investment for climate-resilient development, particularly in the agricultural sector, by accurately measuring resilience and translating economic benefits into credit opportunities. If successful, this model could be applied to other sectors.
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