The meeting, held on the sidelines of the second Global Gateway Forum in Brussels, focused on strengthening macro-financial stability and advancing the EU's budget support mechanism for Egypt.
Al-Mashat underscored the strong partnership between Egypt
and the European Union, specifically in backing macroeconomic stability and
implementing economic reform programs.
She highlighted the EU’s "Macro-Financial Assistance
(MFA) and Budget Support" mechanism, under which the first tranche of one
billion euros was disbursed last December. Discussions centred on preparing to
sign a memorandum of understanding for the second phase of the MFA and Budget
Support mechanism.
The Global Gateway Forum, held under the theme
"Partnerships in a Geopolitical Age: Time for a New Strategic
Dialogue," gathers high-level representatives from governments and the
private sector to explore strategies for scaling up Global Gateway investments
in partner countries.
The Minister explained that Egypt, in cooperation with the
European Commission's Directorate-General for Economic and Financial Affairs
and relevant Egyptian national bodies, has finalized a package of 87 key
reforms for the second phase of the European Union's financial support
mechanism.
Al-Mashat explained that the reforms were agreed upon during
a series of intensive technical meetings with the European Commission's
Directorate-General for Economic and Financial Affairs and relevant national
Egyptian bodies. These measures are part of the National Structural Reforms
Program and are slated for gradual implementation.
The Minister also presented the National Economic
Development Narrative, describing it as a new, comprehensive reform program
that moves beyond fiscal policy to include real economy sectors and a clear
timeline for structural reforms aimed at empowering the private sector and
boosting competitiveness.
She stated that the National Economic Development Narrative
is based on the National Structural Reforms Program, which relies on three main
pillars: macroeconomic stability through disciplined fiscal and monetary
policies, enhancing competitiveness and improving the business and investment
environment by removing administrative and structural hurdles, and supporting green
transition and sustainable development in line with international environmental
commitments.
Al-Mashat added that the Narrative integrates investment,
industrial, trade, and operational policies, with a special focus on vital
sectors like industry, tourism, agriculture, energy, and information and
communication technology (ICT).
She noted that the Narrative acts as the overarching
framework governing all reforms implemented under both the first and second
phases of the European Union's Macro-Financial Assistance (MFA) mechanism. This
ensures full integration between the EU-backed reforms and Egypt's national
economic reform agenda.
The Minister also discussed the upcoming Egypt-EU Summit, slated for late October, stressing its importance as a "pivotal station" for advancing the comprehensive strategic partnership. She expects the summit to cover prospects for economic cooperation, investment, sustainable development, as well as food security, energy, and the green transition.