Egypt: Key Pacts, Activities Signed during 2014

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Egypt’s Ministry of International Cooperation has issued on Thursday a report on main activities and agreements signed throughout 2014 to get grants and loans from the foreign institutions and development partners.

Throughout 2014, Ziad Bahaa-Eldin- the Deputy Prime Minister for Economic Affairs- took the responsibility for the Egyptian Ministry of Planning and International Cooperation, and then Dr. Ashraf Alaraby was in charge.  Last June, the Ministry of International Cooperation was split from Ministry of Planning, naming Naglaa Al Ahwany as the new minister.

According to the official records, the Ministry of International Cooperation has signed grants and loans worth US$ 2.4 billion during 2014 with global institutions and development partners.

Ashraf Al Araby visits Tunisia, US and Mexico

Former minister Ashraf Al Araby had paid 10-day intensive business tour to Tunisia, USA and Mexico.  In Tunisia, Al Araby had participated in the annual joint meetings of Arab Financial Institutions from 7-9 April, 2014. He was also among a delegation taken part in the Spring Meetings of the International Bank and Monetary Fund held in Washington DC during 10-13 April 2014.

African Development Bank’s Annual Meetings

Al Araby had also participated in the annual meetings of the African Development Bank that held recently in Kigali, the capital of Rwanda, titled as “the next 50 Years: the Africa we Want”. These annual meetings are considered to be of great importance that do not only include the Boards of Governors meetings but also include many events discussing the transformation and development of African issues and the related challenges.

Towards Investment Opportunities in Suez Canal Development Project

Naglaa Al Ahwany-the Minister of International Cooperation- had met with Mohab Memish- the chairman of the Suez Canal Authority. She organized meetings with ambassadors of some Asian countries to exchange experiences and outline investments opportunities in the project.

Current Projects under Italian Dept Swap Programme

Al Ahwany also received the Italian ambassador in Cairo to discuss the funded projects as pursuant to the cooperation portfolio between the two countries. Both sides reviewed ongoing projects under execution framed in the second tranche of the dept swap programme, at cost of US$ 100 million.

EBRD Inaugurates its First Resident Office in Egypt

In November, the European Bank for Reconstruction and Development (EBRD) has inaugurated its first resident office in Egypt. The site serves as the base for the Bank’s operations in the country, in close cooperation with Headquarters, to further support the development of the private sector and contribute to the growth of Egypt’s economy. The new office is set to play a key role in accelerating the EBRD’s activities in the country and in developing projects that will benefit the Egyptian people.

Preparations for Cooperation Portfolio between Egypt and AFDB

Al Ahwany welcomed Jacob Kolster –the Regional Director for North Africa at the African Development Bank (AFDB) – to prepare for the cooperation portfolio between Egypt and AFDB during the period from 2014 to 2018. This comes within the framework of the state’s priorities listed in the Egyptian government’s strategy for the economic development and social justice.

Meeting with Global, Regional and Arab Institutions on Egypt’s Upcoming Economic Summit

Minister Al Ahwany had received Mohamed Gamal Al-Saati – director of country programmes in the Islamic Development Bank (IDB). Al-Saati expressed IDB’s interest to offer continuous support for Egypt, notably for the current phase. This support would be in form of the contribution in financing Egypt’s high-priority national projects, which aim for creating job opportunities, fighting unemployment and improving the manpower sector. It would also be through the participation of IDB’s high-level delegation in Egypt’s economic summit in March 2015.

Visiting China to boost Strategic Partnership

Al Ahwany, Mounir Fakhry Abdel Nour- Minister of Industry and Trade- and Hany Dahy- Minister of Transportation-had met with Gao Hucheng- Chinese Minister of Commerce- with the intention of discussing means of support for the Egyptian Chinese cooperation. Many cooperation agreements have been signed in different fields through this visit.

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