Egypt, EU discuss 2nd phase of €4bn macro-financial assistance; mission expected late May
Egypt is preparing to receive a high-level European mission at the end of May to conclude negotiations regarding the second phase of the Macro-Financial Assistance (MFA) mechanism, as part of the strategic partnership between Egypt and the European Union.
Rania Al-Mashat, Egypt's Minister of Planning, Economic Development, and International Cooperation, and Annika Eriksgard, Director-General for Economic and Financial Affairs at the European Commission, held a video conference meeting to follow up on the implementation of this second phase. The meeting was part of a series of negotiation meetings conducted by the ministry concerning the economic aspects of structural reform procedures linked to the MFA's second tranche, valued at €4bn.
Discussions during the video conference centred on the structural reform measures that the Egyptian state aims to implement. These reforms are overseen by the Ministry of Planning, Economic Development and International Cooperation, in coordination with various national entities, and fall under three main pillars: strengthening macroeconomic resilience and stability, improving the business environment and investment climate, and promoting the transition to a green economy.
The meeting also addressed preparations for the upcoming visit of a European Commission delegation to Egypt at the end of May. The delegation is scheduled to hold a number of meetings with various national entities to finalize the procedures related to the second tranche of the mechanism.
During the meeting, Al-Mashat praised 'the significant progress in Egyptian-European relations since the joint summit held last March, the elevation of relations to the level of strategic partnership, as well as the full coordination between various national and European entities to implement the main pillars of the comprehensive partnership between Egypt and the European Union.'
Al-Mashat emphasized that 'the economic aspect is of great importance in light of the great importance the Egyptian state attaches to strengthening economic relations with international partners to meet the requirements of national development and moving forward with the implementation of the national program for structural reforms to improve the business environment and stimulate the investment climate.'
The Ministry of Planning, Economic Development, and International Cooperation is responsible for implementing the economic aspect of Egyptian-European relations. These efforts are particularly focused on the Macro-Financial Assistance mechanism and budget support, as well as an investment guarantees mechanism.
In December, Al Mashat announced that the European Commission had approved the disbursement of €1bn as part of the Macro-Financial Assistance (MFA) mechanism. This sum constitutes the first phase of a total funding package of €5bn.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al-Ahram Weekly
3 hours ago
- Al-Ahram Weekly
Egypt rejects ongoing Israeli escalation against Iran: Sisi tells Pezeshkian
President Abdel-Fattah El-Sisi expressed Egypt's complete rejection of the ongoing Israeli escalation against Iran, as it poses a threat to the security and stability of the Middle East at a critical time when the region is experiencing multiple crises. This came during a telephone call held on Saturday between El-Sisi and his Iranian President Masoud Pezeshkian, the first officially announced contact between the two leaders since the outbreak of the war. According to a statement from the presidency, the Egyptian President emphasized the importance Egypt attaches to an immediate ceasefire, allowing for the resumption of negotiations to reach a sustainable, peaceful solution to this crisis. El-Sisi emphasized the importance of working to de-escalate the situation as much as possible and ensuring that the cycle of violence does not expand, noting that there are no military solutions to this crisis. He also emphasized to his Iranian counterpart that the only way to ensure sustainable stability in the Middle East is through the implementation of the two-state solution and the establishment of an independent Palestinian state in accordance with international legitimacy. For his part, the Iranian president was keen to express his appreciation to the President, valuing Egypt's wise positions aimed at restoring stability to the Middle East, thereby sparing the bloodshed on all sides. He also emphasized his country's alignment with Egypt's position on the need to find a just, comprehensive, and final solution to the Palestinian issue. Earlier Saturday, FM Abdelatty discussed the ongoing Israeli aggression on Iran and efforts to de-escalate the conflict between Tel-Aviv and Tehran with his Iranian counterpart Abbas Araghchi in Turkey After the meeting, Abdelatty spoke in a telephone call to the US President Special Envoy for the Middle East Steve Witkoff stressing that Egypt believes there are no military solutions to the conflict between Israel and Iran, emphasizing that peaceful settlement and political dialogue remain the only viable path to lasting peace and stability in the region. This was the third phone conversation between Abdelatty and Witkoff on the Israel-Iran situation this week. Follow us on: Facebook Instagram Whatsapp Short link:
See - Sada Elbalad
3 hours ago
- See - Sada Elbalad
Mass Protests Erupt Across Europe Demanding End to Gaza Genocide
By Ahmad El-Assasy Mass protests erupted across major European cities on Saturday, as tens of thousands rallied in solidarity with Palestinians and demanded an immediate end to Israel's ongoing war on Gaza, which demonstrators described as a campaign of genocide. Major demonstrations took place in London, Berlin, Rome, Stockholm, and several other cities including Stuttgart and Aarhus. Protesters waved Palestinian flags and held signs reading 'Stop the Genocide in Gaza' and 'End the War on Iran,' reflecting broader fears of escalating regional conflict. In London, tens of thousands gathered, calling on the UK government to halt arms sales to Israel and to take a firmer stance against the humanitarian crisis unfolding in Gaza. Many voiced deep concern over a broader Middle East escalation amid the ongoing Israel-Iran conflict, now entering its ninth day. 'It's getting worse in Gaza under the watch of the entire world,' said one demonstrator. 'It's vital we avoid another full-scale war in the region.' In Berlin, a large demonstration unfolded outside the German Parliament (Bundestag), with some protesters waving Iranian flags and calling for sanctions against Israel and a ban on weapons exports. The protests were described by Reuters as some of the most visible expressions of discontent in the German capital. In Rome, a massive pro-Palestine march called for an end to the bloodshed in Gaza and the West Bank, while other rallies took place in Stuttgart, Germany, and Aarhus, Denmark, with images shared widely by the European Palestinian Media Center. In Stockholm, hundreds gathered to denounce what they described as Israeli war crimes in Gaza. Organized by various civil society groups, the protest included signs that read 'Stop the genocide by the Zionist entity' and photos of Palestinian children killed in Israeli airstrikes. Swedish activist Janine O'Keefe told Anadolu Agency that demonstrators were demanding an immediate end to what they called 'genocide carried out by Israel in Palestine.' These coordinated protests come as Israel's military assault on Gaza—launched on October 7—enters its ninth month. According to health authorities in Gaza, the war has killed or injured over 187,000 Palestinians, the majority of them women and children, with more than 11,000 still missing, hundreds of thousands displaced, widespread famine, and entire neighborhoods reduced to rubble. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand
Daily News Egypt
5 hours ago
- Daily News Egypt
Egypt-Türkiye trade exchange approaches $9bn in 2024: FM Abdelatty
As part of ongoing efforts to strengthen Turkish investments in Egypt, Minister of Foreign Affairs and Immigration Badr Abdelatty met with a group of Turkish business leaders in Istanbul on the sidelines of the Organisation of Islamic Cooperation's ministerial meeting. During the meeting, Abdelatty underscored the growing economic ties between Egypt and Turkey, highlighting the significant progress in trade and investment cooperation. He announced that bilateral trade between the two countries reached nearly $9bn in 2024, with Turkey emerging as a key destination for Egyptian exports. Conversely, Egypt has become one of the leading African markets for Turkish goods. The Minister stressed the need for collaborative efforts from both governments and private sector stakeholders to achieve the target of raising bilateral trade to $15bn—a goal agreed upon by the political leaderships of both countries to deepen economic integration and serve shared interests. Abdelatty highlighted the importance of the Egypt-Türkiye free trade agreement, in force since 2005, as a key driver of trade growth. He also noted the potential to expand its scope and remove remaining barriers to trade to further enhance economic cooperation. Welcoming the rising volume of Turkish investments in Egypt, Abdelatty expressed Egypt's commitment to attracting more Turkish capital by leveraging its extensive network of trade agreements and the investor-friendly environment of the Suez Canal Economic Zone. He also pointed to the incentives and facilities available to foreign investors, affirming the government's resolve to address any challenges facing Turkish businesses. In this context, he cited the recent decision by the Egyptian Prime Minister to establish a dedicated unit to support Turkish investments and ensure smooth business operations in the country.
