In a recent press conference, Prime Minister , Dr. Mostafa Madbouly, and Planning Minister, Dr. Rania Al-Mashat, outlined several pivotal initiatives aimed at enhancing Egypt’s economic development and strengthening international collaborations.
EU Financing Agreement
Al-Mashat announced that Egypt is progressing towards signing a memorandum of understanding with the European Union in the latter half of this year. This agreement will secure €4 billion of the €7.4 billion financing package agreed upon in March of the previous year. The initial €1 billion tranche was received in January, with the remaining €5 billion pending approval from the European Parliament and EU member states. This funding is designed to bolster Egypt’s economy and address migration challenges across the Mediterranean.
Public-Private Partnerships in Aviation
The government has partnered with the International Finance Corporation (IFC) to introduce public-private partnerships at 11 airports. This initiative seeks to leverage private sector financing for airport upgrades and expansions without burdening the national budget. The collaboration aims to enhance airport infrastructure, improve efficiency, and attract more passengers, thereby boosting economic growth and regional connectivity. The airports earmarked for development include Hurghada, Sharm El-Sheikh, Borg El Arab, Luxor, Aswan, Sohag, Assiut, Abu Simbel, Alamein, and Marsa Matrouh.
Integrated National Financing Strategy
Under Prime Minister Madbouly’s patronage, Egypt has launched the Integrated National Financing Strategy in collaboration with the United Nations Development Programme (UNDP). This strategy addresses the national financing gap by optimizing the allocation of public and private resources across sectors such as health, education, social protection, climate resilience, transportation, and infrastructure. The goal is to mobilize domestic and international financial resources to achieve Egypt’s Vision 2030 and the Sustainable Development Goals (SDGs).
These developments underscore Egypt’s commitment to fostering international partnerships and implementing strategic initiatives to drive sustainable economic growth and development.
