Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Int’l Coop Min., AFD Launch 'Towards Shared Prosperity' Strategy

Mon 30 May 2022 | 06:44 PM
Omnia Ahmed

Ministry of International Cooperation and the French Development Agency (AFD) launched the "Towards Shared Prosperity" strategy that will be in effect until 2025.

In January 2019, two parties inked a memorandum of understanding (MoU) that was activated in 2021 through a series of development agreements worth a total of EUR 3.8 billion.

On her part, Minister of International Cooperation Rania Al-Mashat asserted that the new strategy aims to achieve three main priority themes, including boosting the integration of the Egyptian financial, commercial and production systems regionally.

The approach also supports the development of social infrastructure and promotes equitable and sustainable local development.

The three pillars of the strategy also include key pillars; promoting shared prosperity, and aligning development and climate goals; as well as job creation, innovation and entrepreneurship.

In his speech, the Ambassador of France to Egypt, Marc Baréty, highlighted that the new strategy will deepen the strong bilateral partnership between Egypt and France, adding that the AFD will provide more than 60% of the funds to improve public services, social inclusion, and developing infrastructure.

In her speech, Marie-Hélène Loison, Deputy Director-General of the AFD, stated that the plan reflects a renewed commitment to Egypt’s sustainable development, which is a result of the key role that the Ministry of International Cooperation plays in fostering coordinated governance to identify national priorities and reach the goal of shared prosperity.

She also added that the French Development Agency will provide further technical and financial support to provide a comprehensive and collaborative approach to achieving sustainable development goals.