Latest news with #Al-Mashat
Egypt Independent
12 hours ago
- Business
- Egypt Independent
Egypt ranks 9th globally, 1st in Africa for FDI in 2024
Rania al-Mashat, Egypt's Minister of Planning and Economic Development and International Cooperation, announced the launch of the World Investment Report issued by the United Nations Conference on Trade and Development (UNCTAD). The report monitors key trends in global Foreign Direct Investment (FDI) in 2024 and highlights Egypt's position among the most attractive countries for investments, driven by the Egyptian government's reforms. In a statement to the Egyptian Cabinet, the Minister revealed that the report placed Egypt ninth globally and first in Africa among the most attractive countries for FDI during 2024, attracting $47 billion in investments. The Minister clarified that this marks a significant leap for Egypt from its 32nd global ranking in 2023, which recorded $10 billion in FDI. This reflects the government's prioritization of empowering the private sector and attracting investments. She also noted the positive growth rate in the third quarter of the current fiscal year, which exceeded expectations. Al-Mashat highlighted the report's positive focus on developments in Africa, particularly in Egypt. The report specifically spotlighted the Ras El Hekma deal as an innovative model comprising two components: direct investment and a debt-swap mechanism. She added that this model came at a crucial time and demonstrates the state's ability to utilize innovative tools to attract financing and investments, deploying them in line with its national priorities. She also referred to the UNCTAD Secretary-General's address, which emphasized the importance of mobilizing financing for the private sector. In this context, Egypt hosted a major conference earlier this week on development finance and enhancing the private sector's role in achieving growth and creating job opportunities. This conference also served as a genuine platform to embody the principle of cooperation between international financial institutions and national governments in supporting the investment and development agenda. Within this framework, she affirmed that over the past five years, Egypt has successfully mobilized more than $15.6 billion for the private sector. She underscored that the relationship between trade, investment, and development is an integrated and interconnected one, and that promoting private and foreign investments is considered one of the primary means to achieve comprehensive and sustainable growth.
Egypt Today
a day ago
- Business
- Egypt Today
Egypt 'platform' for int'l cooperation amid regional, global uncertainty: Al-Mashat
Minister Rania Al-Mashat CAIRO - 19 June 2025 — Minister of Planning, Economic Development and International Cooperation, Rania Al-Mashat said that Egypt continues to position itself as a platform for international cooperation and investment, even amid global and regional headwinds. 'This report is being released at a time of rising uncertainty, even more than when it was drafted,' Al-Mashat said during her speech at the launch of the UNCTAD World Investment Report 2025 in Cairo. 'Yet, despite this challenging backdrop, there are silver linings, particularly in Africa, and in Egypt's case, projects such as Ras El-Hekma reflect both direct investment and debt-swaps, which the report examines in detail,' she added. She noted that the report also echoes recent global calls to mobilize more financing for the private sector; a theme aligned with Egypt's national priorities and recent efforts to encourage private-sector engagement in development. Referring to Egypt's recent hosting of the Development Finance to Foster Private Sector-Led Growth & Jobs conference, Al-Mashat said the country serves as an example of how multilateral development partners can work together to support investment and development agendas. She also touched on broader issues raised in the report, including developments in East Asia's green transition and the importance of international experience-sharing through South–South and triangular cooperation. She emphasized the importance of including all countries in global transformations, especially in areas such as digital infrastructure and artificial intelligence. 'The digital divide is no longer just about access to infrastructure, it now includes AI,' she said. 'Without inclusive approaches, we risk leaving countries behind.' Al-Mashat concluded by underscoring Egypt's role as a consistent host of international events focused on investment and development. 'We began this week with strong messages from global institutions on concessional finance and private-sector investment in Egypt, and we're ending it with another important global partner launching a major report from Cairo.'
Egypt Today
a day ago
- Business
- Egypt Today
Egypt to showcase SDG financing model at Seville Conference: Al-Mashat to ET
CAIRO - 19 June 2025: 'There is now a global call to close the SDG financing gap through concessional tools directed at the private sector. What we're doing in Egypt, and what we will showcase this Sunday in Seville at the Finance for Development conference, is a concrete example of how a country can effectively mobilize such finance,' Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat told Egypt Today. Al-Mashat's remarks during the global launch of the UNCTAD World Investment Report 2025, held in Cairo. The minister said that the $15.6 billion in concessional development finance directed to Egypt's private sector since 2020 has been actively deployed across a wide range of ongoing projects in key industries. Responding to Egypt Today's question on how these financial flows align with UNCTAD's recommendations for emerging markets, Al-Mashat emphasized the importance of understanding that these are not just commitments, but funds already in action. 'We have issued a report that details exactly where the funds have gone—including credit lines through local banks, renewable energy projects, food processing companies, and SMEs,' she said. She also noted that the UNCTAD Secretary-General's comments in the report underscored the critical role of financing in helping countries attract investment and meet development goals. The Minister also highlighted the recent announcement of a €1.8 billion investment guarantee mechanism with the European Union, describing it as a practical instrument that supports the UNCTAD report's recommendations and broader international calls to scale up development finance for the private sector. Minister of Investment and Foreign Trade Hassan El-Khatib, also speaking to Egypt Today, emphasized the government's ongoing efforts to enhance Egypt's attractiveness to foreign investors. 'Our focus as economic ministers is to create a competitive, investment-friendly environment that encourages FDI,' El-Khatib said. 'This means accelerating policy reform and improving the ease of doing business.' He pointed to tangible progress in Egypt's digital transformation efforts. 'We've launched a digital platform that offers 89 investment-related services electronically, including company registration and access to finance. We've also signed a protocol with GAFI and other entities to launch a unified investment platform that will digitize procedures for establishing companies, issuing permits, and paying fees.' According to El-Khatib, the platform is designed to streamline regulatory procedures across more than 235 economic activities, significantly reducing bureaucratic steps. 'In one pilot case, we reduced the number of steps in the investment process from 33 to a much smaller number. We are now scaling that across additional sectors,' he said. Both ministers reaffirmed Egypt's strategic aim of positioning itself as a reliable and competitive destination for foreign direct investment, supported by robust development partnerships and a growing pipeline of investable opportunities. 'Whatever happens in the global landscape, our aim is for Egypt to stand out as a ready and attractive destination for sustainable, private-sector-led investment,' El-Khatib concluded.
Saba Yemen
2 days ago
- Politics
- Saba Yemen
President Al-Mashat: Ongoing Aggression in Gaza is criminal Zionist assault, starvation, and affront to human dignity
Sana'a – Saba: His Excellency Field Marshal Mahdi Al-Mashat, President of the Supreme Political Council, affirmed that what is happening in Gaza is a continuous criminal Zionist aggression, involving starvation and a violation of dignity and humanity, amid a shameful global silence. In a statement to the Yemeni News Agency (Saba), President Al-Mashat said: 'Anyone who still has a shred of humanity must take a practical stand to reject the enemy's crimes in Gaza.' He also confirmed that Yemen will continue supporting its brothers in Gaza until the aggression stops and the siege is lifted. President Al-Mashat added: 'Our operations in support of Gaza will not cease, no matter the sacrifices.' Whatsapp Telegram Email Print more of (Local)
Egypt Today
2 days ago
- Business
- Egypt Today
Egyptian parliament approves of new national budget plan, gov't seeks 4.5% growth next year
Cairo – June 18, 2025: Egypt's House of Representatives has endorsed the national budget and economic development framework for FY2025/2026, setting a target for real GDP growth of 4.5 percent. This represents a significant increase from the 2.4 percent growth recorded in FY2023/2024. Planning Minister Rania Al-Mashat presented the plan amid ongoing regional uncertainties, noting that preliminary indicators from the first nine months of the current fiscal year signal improving economic performance. She highlighted that the plan focuses on structural reforms and concentrated investment to navigate these complex conditions. Public investment in the upcoming fiscal year is projected at approximately LE 1.158 trillion, up from about LE 1 trillion allocated in FY2024/2025. Nearly 28 percent of this amount—LE 327 billion—is dedicated to human development sectors, including health, education, and social services. The state budget will contribute LE 219 billion toward these areas. The government reiterated its commitment to the Haya Karima (Decent Life) initiative aimed at rural development, with phase one receiving LE 350 billion to improve living conditions for 18 million residents in over 1,400 villages across 20 governorates. The second phase allocates funds for essential infrastructure and expanding universal health insurance. In line with its reform agenda, the government plans to reduce direct state involvement in the economy. A new State Ownership Policy Law, recently passed by parliament, encourages greater private sector participation. Meanwhile, a review is underway to restructure 59 economic authorities, determining their future status through a committee supported by technical expertise. To enhance governance and investment management, the Adaa system—tracking 4,000 performance metrics across 36 ministries and agencies—will be further expanded. Training is ongoing to help public entities utilize a centralized digital platform covering 270 state-owned companies, aiming to improve transparency and efficiency. Funding for land compensation related to national projects has increased to LE 16 billion for the combined fiscal years FY2024/2025 and FY2025/2026, with more than LE 3.4 billion allocated to projects in Giza. Additionally, the government plans to conduct a new economic census via the Central Agency for Public Mobilization and Statistics (CAPMAS) to better capture informal economic activity and inform policy decisions. Minister Al-Mashat stressed that the plan's formulation took place amid 'delicate circumstances' worsened by rapid regional developments. She called for flexible planning and continuous monitoring to adapt to evolving conditions, while expressing gratitude for parliament's thorough review and constructive input.
