Mashat in talks with EU over timeline of completing procedures related to 2nd phase of MFA program
Rania al-Mashat, Minister of Planning, Economic Development, and International Cooperation and Egypt's Governor at the World Bank, held a meeting with Elena Flores, Director General for Economic and Financial Affairs at the European Commission, in the presence of Finance Minister Ahmed Kouchouk.
The meeting addressed the timeline for completing procedures related to the second phase of the Macro-Financial Assistance (MFA) program, valued at €4 billion, as well as the Ministry's efforts in coordinating with national entities to implement structural reforms within this phase, in alignment with the government's national structural reform program.
The meeting comes as part of Mashat's ongoing participation in the Spring Meetings of the International Monetary Fund and the World Bank held in Washington and the series of her meetings with various multilateral and bilateral development partners and government representatives.
The meeting came within the context of the Ministry's role in implementing the economic pillar of the European financial package announced last year, which coincided with the upgrade of Egypt-EU relations to the level of a strategic partnership.
During the meeting, Mashat highlighted the significant progress in Egypt-EU relations since the joint summit last March, which elevated the relationship to a strategic partnership. She also commended the full coordination between national and European stakeholders toward implementing the main pillars of the comprehensive partnership between Egypt and the EU.
Mashat emphasized that the economic pillar is of paramount importance, reflecting the Egyptian government's strong commitment to deepening economic ties with international partners to meet national development goals and advance the implementation of the national structural reform agenda to improve the business climate and encourage investment.
The Ministry of Planning, Economic Development and International Cooperation is responsible for executing the economic component of Egypt-EU relations—particularly regarding the Macro-Financial Assistance (MFA) mechanism and investment guarantee mechanisms. A series of technical meetings are currently underway at both the national level and in partnership with the European Union to implement the proposed reforms for Phase II. These reforms fall under three main pillars: enhancing macroeconomic stability and resilience, improving the business environment and empowering the private sector, and supporting the transition to a green economy.
Mashat previously announced in December that the European Commission had approved the disbursement of €1 billion to Egypt as part of the first phase of the Macro-Financial Assistance (MFA) program. This comes within the framework of a total financing package of €5 billion to be made available through 2027.
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