To support the efforts of developing countries to confront the negative repercussions of climate change
Al-Mashat: The Egyptian state is seeking to transform into a regional energy center, taking advantage of the competitive advantage and surplus in production, and working to link up with many countries.
Dr. Rania Al-Mashat confirmed, Minister of International CooperationHowever, the economic reform measures implemented by the state over the past 7 years have boosted economic growth and supported the Egyptian economy’s ability to face the repercussions of the Corona pandemic, noting that Egypt, unlike many countries, faced the Corona pandemic and enjoyed the economic resilience and flexibility necessary to confront the epidemic and its repercussions. This is thanks to the economic reform program launched by the state in 2016 to improve macroeconomic indicators and achieve comprehensive and sustainable growth.
This came during an interview published by the Singaporean In Diplomacy magazine and moderated by the editor-in-chief of ONE Africa, Ms. Nomita Dhar, with Dr. Rania Al-Mashat, Minister of International Cooperation, on the sidelines of her participation in the Bloomberg New Economics Forum held in Singapore.
The Minister of International Cooperation explained that, thanks to these measures, Egypt was the only country in the Middle East and North Africa region and one of the few economies in the world to achieve positive growth in 2020, and the positive expectations for economic growth continue, as the International Monetary Fund’s forecasts indicate that the expected growth In the fiscal year 2020/2021, it is 2.8%, to rise to 5.2% in the fiscal year 2021/2022.
Al-Mashat stated that the economy’s performance was praised by many international financial institutions and credit ratings, as the African Development Bank praised the ability of the Egyptian economy to achieve a primary surplus in the state’s general budget and good financial indicators during 2019 and 2020, and the European Bank for Reconstruction praised the growth The continuing outlook for the Egyptian economy is leading the recovery in the southern and eastern Mediterranean region, and credit rating agencies have maintained their stable long-term outlook for the economy.
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The Minister of International Cooperation affirmed that the government is determined to continue economic reform and move forward with the structural reform program that enhances economic growth by focusing on specific sectors, and stimulates the participation of the private sector in development, towards its endeavor to build a better future for future generations and promote the transformation towards a green and circular economy. Pushing digital transformation in all sectors of development in Egypt.
The Minister of International Cooperation highlighted the plans and measures taken by Egypt to enhance its transformation towards a green economy and confront climate change, as well as the importance of strengthening international development cooperation to provide the necessary financial resources to support the efforts of developing and emerging countries to implement their climate ambitions and face the negative repercussions of climate change. .
Al-Mashat said that in the context of pushing its regional leadership to achieve a green economy and facing climate changes in Egypt, the continent of Africa and the region, Egypt has developed long-term plans to enhance sustainability in development sectors such as new and renewable energy, transport and water, and has developed an integrated national plan for climate change until 2050. Egypt is also scheduled to host the United Nations Climate Change Conference COP27 next year, to push the world’s efforts and promote joint action to support the efforts of the African continent towards its endeavors to confront these changes.
The Minister of International Cooperation pointed to the Egyptian leadership in the field of energy and the state’s endeavor to transform into a regional energy center, taking advantage of the competitive advantage and surplus in energy production, and working to link with many countries such as Saudi Arabia and Sudan to create a link network with the Gulf countries and the continent of Africa. Mediterranean countries, such as Cyprus and Greece, to export energy to European countries, as well as linking with Asia through Jordan and Iraq to implement the interconnection project between 8 countries: Egypt, Iraq, Jordan, Libya, Lebanon, Palestine, Syria and Turkey.
Al-Mashat moved to natural gas projects and inaugurated the Mediterranean Gas Forum, which enhances cooperation between Egypt and the countries of the Mediterranean basin, and which enhances Egypt’s position as a regional energy center.
In response to a question about the Bloomberg Forum, Al-Mashat said, “It is very important, as the discussions were frank and open across many global topics that were on the minds of all policy makers, and there were also many discussions that looked at topics related to climate, finance, and recovery.” green, inclusive growth, and geopolitics such as the relationship between the United States and China; The importance and role of technologies, cryptocurrencies, and discussions about how the private and government sectors can work together.
Al-Mashat added that in light of the Egyptian government’s program and the directives of the political leadership, the Ministry of International Cooperation is working with all multilateral and bilateral development partners to support the state’s plan to combat climate change, by including projects that promote climate action in all new strategies, noting the work. The ministry is undertaking to prepare the strategic framework for the partnership between Egypt and the United Nations 2023/2027, in its capacity as the national coordinator of the partnership with the United Nations. The new framework aims to support efforts to implement Egypt’s 2030 development vision within the framework of the United Nations sustainable development agenda.
A few days ago, Al-Mashat participated in the Bloomberg Forum for New Economies, which was held in the Republic of Singapore, where it discussed global economic issues and discussed creating common visions to overcome the challenges facing advanced and emerging economies alike, and discussing the world’s commitment to reducing the effects of climate change and providing financing. necessary for emerging countries to confront, with the participation of more than 750 economic leaders, policy makers, CEOs and entrepreneurs, including Chinese Vice President, Mr. Wang Qishan, Ms. Gina Raimundo, US Secretary of Commerce, Mr. Jan Kim Yong, Minister of Trade and Industry of Singapore, and Mr. Ozil Ndajigemina, Minister of Finance and Planning of Rwanda, Dr. Philip Mbango, Vice President of the United Republic of Tanzania, Mr. Jean Lecon, President of the Asian Infrastructure Investment Bank, and Mr. Michael Bloomberg, US Economist and Founder of Bloomberg.
The Minister of International Cooperation had participated in the Bloomberg Summit for New Economies last year, which was held virtually, and during the forum, Bloomberg chose the Arab Republic of Egypt and the United Arab Emirates as a model for the emerging economies in the region after the Corona pandemic, as a result of economic reforms and opportunities that characterize the two countries despite the economic challenges. At the regional and global level.
It is worth noting, that In Diplomacy was launched in 2016 to cater to the needs of the diplomatic community in Singapore and after 28 issues it launched its webpage; The initiative was based on reactions to the need for a “unified source of information” that would help the diplomatic community reach more “institutions and Singaporeans.”