The meeting was attended by Clémence Vidal de la Blache, AFD's Country Director in Egypt, and several company officials in Egypt.
Al-Mashat emphasized the deep, long-term Egyptian-French
partnership, which has been vital in promoting economic growth and development
across various sectors. She highlighted the recent renewal of the technical and
financial cooperation agreement with France, valued at 4 billion euros, as key
to enhancing this economic partnership.
The Minister stressed Egypt's commitment to creating a more
competitive investment environment and improving the business climate to
attract foreign and French corporate investments, driving sustainable economic
growth. She noted that the close relations are opening new horizons for innovative
financing for the private sector and boosting investments.
Al-Mashat stated that the green transition is a major
priority, crucial for attracting investments in renewable energy and green
industries. She explained the success of the "NWFE" platform in
attracting significant renewable energy investments, inspiring similar
platforms in countries like Turkey, Bangladesh, and Brazil. The platform's
importance as an innovative multi-sectoral national initiative was further
confirmed by a High-Level Independent Expert Group report issued during the
Climate Conference in Brazil. She underscored the strong financing and
technical support provided by France and Team Europe for the NWFE platform.
Dr. Al-Mashat also noted the ministry's success in
attracting over $15 billion in investments and concessional financing for the
private sector, adding that the "Hafez" platform is vital for
enhancing the Egyptian private sector's access to development partners'
services.
Other government priorities include increasing spending on
technical education and vocational training and preparing a large package of structural
reforms to stimulate entrepreneurship through the Startup Charter.
She spoke about the positive outlook for the Egyptian
economy resulting from the monetary, fiscal, and structural reforms implemented
since March 2024, which led to a growth rate exceeding 4.4% by the end of the
last fiscal year.
The Minister also mentioned the ongoing work with the World
Bank to prepare a Business Readiness Report and implement further reforms to
improve the investment climate, remove obstacles for investors, and ensure the
private sector becomes the main partner in implementing development plans.
The Minister drew attention to the Ministry of Planning's
launch of the "National Economic Development Narrative: Growth and
Employment Supportive Policies." This comprehensive roadmap unifies the
government's work with Vision 2030, aiming to shift towards more productive,
export-oriented sectors, empower the private sector, and redefine the state's
role in economic activity.
She affirmed the government's commitment to expanding public-private
partnership (PPP) opportunities, particularly in areas driving sustainable
growth, such as green transition, transport, health, and education. The goal is
to create a dynamic environment where international partners and the private
sector can contribute to Egypt's development vision while benefiting from its
expanding market.
For her part, the CEO of Proparco outlined the company's solutions for providing financing and support to companies and financial institutions in Africa and worldwide. She highlighted Proparco’s focus on enhancing the private sector's contribution to Sustainable Development Goals through guarantees, investments, technical support, and concessional financing.