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Egypt launches platform for international partnerships to support economy amid COVID-19 crisis

Doaa A.Moneim , Tuesday 9 Jun 2020
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Egypt’s Minister of International Cooperation Rania Al-Mashat has revealed that the ministry has launched a platform for partnership with international institutions and development partners to help push Egypt’s economy forward through the COVID-19 crisis.

Al-Mashat made her comments in an interview with Bloomberg news agency.

The new platform deals with sectors that constitute a priority for the Egyptian government, including health, transport, energy, and small and medium sized projects, according to Al-Mashat.

It also involves multilateral and bilateral development partners including the World Bank, the African Bank for Development, the Japan Agency for International Cooperation, the French Development Agency, and the US Agency for International Development, Al-Mashat said.

The minister said that the Egyptian government has not allowed the COVID-19 crisis to hamper the country’s structural reform process, and that the economic reforms Egypt has adopted since 2016 have placed the country in a good financial position to face the crisis.

“Egypt has the flexibility to counter the economic impact of the COVID-19 crisis, especially with the beginning of the second wave of Egypt’s economic reforms that focus on structural reform. The second wave also focuses on creating a catalytic environment for the private sector and creating more job opportunities,” according to Minister Al-Mashat.

The minister also highlighted the government’s actions to contain COVID-19 and its repercussions as well as the partnerships that Egypt has established with international institutions in this regard.

She noted that the government has not only continued with development projects amid the crisis, but has also given a hand to private sector projects.

In this regard, according to Al-Mashat, the International Cooperation Ministry has managed to provide two credit lines for Egyptian banks through the European Bank for Reconstruction and Development (EBRD).

For the energy sector, Al-Mashat said that Egypt ranks the first among the Middle East region in solar and renewable energy, and that the country is working to push its 2035 energy strategy forward through international partnerships.

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