Dr. Rania Al-Mashat, Egypt’s Minister of International Cooperation, held a significant meeting during her visit to France, where she was attending the Green Finance and Investment Forum hosted by the Organization for Economic Co-operation and Development (OECD). The meeting served as an opportunity to strengthen cooperation between Egypt and France, involving both multilateral and bilateral development partners.
Minister Al-Mashat engaged in discussions with Chrysoula Zakaropoulou, the Minister of State for Development Cooperation of France. Their talks revolved around reinforcing the bilateral relations between the Arab Republic of Egypt and the French Republic. They also reviewed the outcomes of the Paris Summit, which aimed to establish a new global financial agreement.
Amid the meeting, the two ministers delved into various topics concerning the global economic landscape, particularly in light of the Russian-Ukrainian crisis and the ongoing COVID-19 pandemic. They examined the consequences of these developments on emerging economies and developing countries. Both ministers stressed the importance of international institutions and the global community’s efforts in providing soft development financing to support these nations.
Dr. Al-Mashat expressed her appreciation for the existing collaboration with France in financing developmental projects within Egypt. Special emphasis was placed on projects related to the development and refurbishment of metro lines.
Future development cooperation initiatives were also on the agenda, encompassing capacity-building programs, new metro line projects, housing, education, vocational training, and small-scale projects.
Notably, the economic cooperation between Egypt and France has yielded substantial results over the years. Since 1974, the cooperation portfolio has reached 7.5 billion euros through more than 42 collaboration agreements spanning diverse sectors such as transportation, electricity, civil aviation, housing, sanitation, health, agriculture, irrigation, small and medium enterprises, environment, antiquities, and basic and technical education. The current development cooperation portfolio stands at approximately 1.8 billion euros.
In 2022, Egypt’s Ministry of International Cooperation, in collaboration with the French Development Agency, launched a new country strategy for the period up to 2025, titled “Towards Shared Prosperity.” This strategy focuses on three primary objectives:
- Enhancing the integration of Egyptian financial, commercial, and productivity systems at the regional level.
- Supporting the development of social infrastructure.
- Promoting equitable and sustainable local development.
Within these three pillars, various sub-pillars aim to achieve shared prosperity, reconcile development with climate goals, and foster job creation, innovation, and entrepreneurship.
Furthermore, in 2021, Egypt and France signed an agreement to contribute to the financing of priority development projects in Egypt, aligned with the 2021-2025 strategy. This agreement amounted to 1.76 billion euros, with €776 million from the French Treasury and €990 million from the French Development Agency.
