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Rania Al-Mashat: The coming period will witness the advancement of development cooperation relations with France

Rania Al-Mashat, Minister of International Cooperation, received a delegation from the French Ministry of Finance, comprising Michel Oldenberg, Head of the French Economic Mission in Egypt, and Gabriel Komang, Deputy Director of the International Finance for Projects Department at the French Treasury, in the presence of Stéphane Romatet, the French Ambassador in Cairo, and Fabio Grazi, Director of the Agency’s Office French Development Agency in Egypt, and Minister Plenipotentiary Ahmed Abdel Azim, Director of Western European Affairs at the Ministry of Foreign Affairs.

The meeting witnessed the discussion on the final details of the new financing package within the framework of economic cooperation between the Egyptian and French governments, to finance priority development projects in several sectors, during the period from 2021-2025, in light of President Abdel Fattah El-Sisi’s visit to France last December, which represented a strong impetus to the relations between the two countries; The French delegation also discussed the arrangements for the visit of the French Minister of Economy and Finance to Egypt on June 12 and 13, 2021, where he is scheduled to meet Dr. Rania Al-Mashat, Minister of International Cooperation, and a number of officials in Egypt to discuss areas of joint cooperation.

Dr. Rania Al-Mashat, Minister of International Cooperation, said that the new financial package is scheduled to be directed to projects in the areas of transportation (subways and railways), housing, electricity and wholesale markets, in accordance with the priorities of the Egyptian government and in line with the goals of sustainable development, noting that the last period the Ministry of Cooperation The international coordination and follow-up between the French side and the concerned authorities in Egypt to find out the details of the projects to be financed within the framework of the new financial package.

The Minister of International Cooperation stressed the need for the new financing package within the framework of cooperation between the two countries to comply with 3 basic elements: efficiency, price competitiveness, and speed of implementation, in addition to including grants to support the implementation of detailed feasibility studies for the projects to be implemented.

The Minister of International Cooperation stressed the depth of the strategic cooperation relations between the Arab Republic of Egypt and the Republic of France, which contribute to supporting the implementation of the National Development Agenda, as development financing documents worth 715.6 million euros were signed during President Abdel Fattah El-Sisi's visit to France last December, and the current period is witnessing agreement on the final details of these financings.

Al-Mashat stressed the Ministry of International Cooperation's endeavor to develop and strengthen economic relations with the multilateral and bilateral development partners of the Arab Republic of Egypt, through economic diplomacy, which is based on three principles: the joint coordination cooperation platform, matching development financing with the UN goals for sustainable development, and narrating International Posts.

The strong relations between Egypt and France reflect the depth of political and economic cooperation, and France always works to support and strengthen these relations by participating in financing development projects in accordance with the Egyptian reform plan. Since 1974, Egypt has obtained about 7.5 billion euros, through 42 protocols to support economic development in Egypt to finance development projects.

It is worth mentioning that France has implemented many vital projects in several areas, such as the construction of the metro with its three lines, the equipment of the new Kasr Al-Aini, the establishment of an information system in the Bibliotheca Alexandrina, power stations, the construction and expansion of telephone exchanges in several governorates, the expansion of drinking water and sewage stations, and the development of a system air control.

The French Development Agency has so far contributed to the financing of a number of important projects, most notably the third line of the Cairo metro (the second and third phases), the financing of small and micro projects for the benefit of the Social Fund for Development, the delivery of natural gas to homes, support for small and medium enterprises in the agricultural sector, as well as the improvement of Drinking water and sewage services (first and second phases). The current cooperation portfolio with the French Development Agency amounts to one billion euros and manages grants from the European Union amounting to 90 million euros.