CAIRO, March 5 (MENA) - Minister of Planning, Economic Development and International Cooperation Rania el-Mashat stressed the importance of the “Investment Guarantees for Development Mechanism” to explore mechanisms for engaging private sector parties and promoting a more sustainable investment environment, in light of the allocation of 1.8 billion euros in investment guarantees within the European Fund for Sustainable Development Plus (EFSD+), stressing Egypt’s readiness to maximize the benefit of these allocations to support sustainable development initiatives.

The minister of international cooperation referred to Abu Qir Metro project in Alexandria that is jointly financed by the European Investment Bank, the French Development Agency, the Asian Infrastructure Investment Bank and the European Bank for Reconstruction and Development, within the “Novi” program, as this project aims to rehabilitate and modernize the 22-km-long Abu Qir railway line in Alexandria to transform it into a high-frequency metro, including the renewal of electrical and mechanical systems,
adding metro stations, removing ground-level intersections and refurbishing railcars.

During a meeting Wednesday with a high-level delegation from the European Commission, headed by the Director General of the General Administration for the Middle East and North Africa at the European Commission Stefano Sannino and Director of General of Economic and Finance Affairs at the European Commission Annika Eriksgård Melander to discuss ways to enhance future cooperation and discuss aspects of the strategic partnership between Egypt and the European Union, especially at the level of activating the investment guarantee mechanism.

The meeting also took up consultations on the second phase of the macroeconomic support mechanism and budget support, along with a number of ongoing projects.

The Minister of Planning, Economic Development and International Cooperation reviewed the “Charter for the Mediterranean,” which represents a strategic shift in the European Union’s interaction with its southern neighborhood, with a focus on bilateral partnerships rather than regional frameworks such as the Union for the Mediterranean, adding that although the Mediterranean region remains a strategic priority, there is a noticeable shift away from multilateral cooperation towards direct agreements between countries, the Charter is based on two main pillars: bilateral strategic partnerships and regional cooperation.(MENA)
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