Cairo: Egyptian Minister of Planning, Economic Development and International Cooperation, Rania Al-Mashat, engaged in discussions with the Head of the European Union Delegation to Egypt, Ambassador Angelina Eichhorst, on advancing the second phase of the macroeconomic support mechanism.
According to Kuwait News Agency, the Egyptian Ministry of Planning confirmed in a statement that it continues to coordinate with national entities to implement structural reforms as part of the macroeconomic support mechanism and budget support. This initiative is valued at 4 billion euros (4.5 billion dollars). The Egypt-EU partnership plays a significant role in development efforts, particularly through investment guarantees launched in June, which facilitate foreign investment in Egypt by providing guarantees worth 1.8 billion euros (2.05 billion dollars) to the private sector. Minister Al-Mashat emphasized that the strategic partnership between Egypt and the EU will enter a new cooperation framework from 2025 to 2027, focusing on definitive priorities and practical implementation.
The macroeconomic mechanism is integral to the financial package announced in March 2024, amounting to 7.4 billion euros (8.4 billion dollars). Of this, 5 billion euros (5.7 billion dollars) will be accessible until 2027, alongside 1.8 billion euros (2 billion dollars) in investment guarantees for the private sector. Additionally, 600 million euros (682 million dollars) will be allocated for grants across various development sectors.