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Home » Egypt and France Discuss Strengthening Joint Economic Relations

Egypt and France Discuss Strengthening Joint Economic Relations

by Jose Maria

Egypt’s Minister of International Cooperation, Rania A. Al-Mashat, met with the French Minister of State for Development Cooperation, Chrysoula Zacharopoulou, in Paris, France, to discuss ways to strengthen joint economic relations. The meeting took place on the sidelines of the Green Finance and Investment Forum organized by the Organization for Economic Co-operation and Development (OECD).

The two ministers discussed efforts to strengthen bilateral cooperation relations between Egypt and France, including the implementation of the results of the Paris Summit for a New Global Financing Pact. They also discussed strengthening multilateral cooperation with the International Organization of La Francophonie in many areas of development.

Al-Mashat and Zacharopoulou also discussed the global economic scene and the impact of the Russian-Ukrainian crisis and the COVID-19 pandemic on developing countries and emerging economies. They stressed the importance of strengthening the efforts of the international community and international institutions to provide concessional development financing to those countries.

Al-Mashat expressed her appreciation for the existing cooperation with France in financing development projects in Egypt, especially the development and rehabilitation of metro lines. The two ministers discussed future development cooperation projects in the areas of capacity building programs, new metro lines, housing, education, vocational training, small and medium projects, water, sanitation, and wholesale markets.

It is worth noting that the total economic cooperation portfolio between Egypt and France from 1974 to date amounted to €7.5 billion, through more than 42 cooperation protocols in various sectors, including transportation, electricity, civil aviation, housing, sanitation, health, agriculture, and irrigation. Small and medium enterprises, environment, antiquities, and basic and technical education, while the current development cooperation portfolio records about €1.8 billion.

In 2022, the Ministry of International Cooperation and the French Development Agency (AFD) launched the new country strategy until 2025, which comes under the slogan “Towards Shared Prosperity.”

The strategy aims to achieve three main priority pillars:

– Enhancing the integration of Egyptian financial, commercial, and productivity systems at the regional level.

– Supporting the development of social infrastructure.

– Promoting equitable and sustainable local development.

The strategy’s three pillars include main sub-pillars:

– Promoting shared prosperity.

– Reconciling development goals with climate goals.

– Job creation, innovation, and entrepreneurship.

During the visit of the French Minister of Economy and Finance, Bruno Le Maire, in June 2021, an agreement was signed between the Egyptian and French governments to contribute to financing priority development projects in Egypt, in light of the 2021-2025 strategy, with a value of €1.76 billion; Including €776 million from the French Treasury and €990 million from the AFD.

Source: Dailynewsegypt

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