Minister of Planning, Economic Development, and International Cooperation in her Speech at the “People and Banks” Conference

 

H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, delivered the opening speech at the nineteenth session of the “People and Banks” Economic Conference, organized by the Arab Media Center under the auspices of the Central Bank of Egypt, under the title “Smart Economy… Secure Future.” The conference was attended by Dr. Mostafa El-Feky, Chairman of the Arab Media Center, Mr. Tarek El-Khouly, Deputy Governor of the Central Bank of Egypt, Mr. Mohamed El-Etreby, Chairman of the Federation of Egyptian Banks and CEO of the National Bank of Egypt, Mr. Hisham Okasha, CEO of Banque Misr, and a selection of bankers and economists.

In her speech, delivered via video, Dr. Rania Al-Mashat affirmed that the “People and Banks” Economic Conference, over its previous sessions, has served as an important platform for exchanging visions and ideas on the most prominent issues facing the Egyptian economy, and for presenting developments in the economic and banking arena and their relationship with the Egyptian citizens.

Dr. Al-Mashat noted that this year’s conference is being held at a time when the Egyptian economy is witnessing significant improvement, especially in terms of GDP growth, which reached 4.4% by the end of the last fiscal year. This growth was driven by notable developments in real economy sectors such as non-oil manufacturing, information technology, tourism, and financial intermediation and insurance.

Minister Al-Mashat added that recently, major credit rating agencies have upgraded Egypt’s rating to B with a stable outlook, highlighting the effectiveness of the economic and structural reforms initiated since March 2024. This reflects the strong coordination within the economic ministerial group and the integration between the Central Bank and the government, all aimed at preserving macroeconomic stability and unlocking Egypt’s economic potential.

Amid these developments, Egypt, under the leadership of H.E. President Abdel Fattah El-Sisi, was able to successfully coordinate international and regional efforts to sign a historic peace agreement in Sharm El-Sheikh to end the war in Gaza. The success and durability of this agreement are expected to open up more positive prospects for both the Egyptian and regional economies, including the resumption of activities in the Suez Canal.

Dr. Al-Mashat predicted that Egypt’s economy is on track to achieve growth nearing 5% in the current fiscal year, supported by these positive developments and the government’s commitment to continuing economic and structural reforms.

Minister Al-Mashat stated:“Based on the role undertaken by the Ministry in defining the state’s strategic objectives across all sectors and setting priorities for implementation according to the General Planning Law and the Public Finance Law, the Ministry has developed and formulated “Egypt’s Narrative for Economic Development: Reforms for Growth, Jobs&Resilience”.

This initiative aims to integrate Egypt Vision 2030, the government’s program, and sectoral strategies to transition towards an economic model based on macroeconomic stability and the development of productive and export-oriented sectors.”

Dr. Al-Mashat emphasized that “Egypt’s Narrative for Economic Development” is an economic reform program that goes beyond just fiscal and monetary policies. It that is not solely based on fiscal and monetary policies but focuses on the real economy sectors and stimulating policies that support growth and employment, through the implementation of the National Structural Reforms Program, which includes numerous procedures with defined timelines.

In a related context, Dr. Al-Mashat noted that the Ministry of Planning, Economic Development and International Cooperation values its close cooperation with the banking sector, led by the Central Bank, through various financing tools provided by international partners, such as credit lines, direct investments, concessional financing, and other funding instruments, the value of which has exceeded $16 billion since 2020 until now.

Dr. Al-Mashat reiterated the critical role of the financial and banking sector in attracting such funding, pointing out that financial institutions, especially banks, account for 42% of these development funds. This reflects the growing confidence of international development partners in the Egyptian banking system as a key channel for capital inflows, SME development, and entrepreneurship support.

Dr. Al-Mashat also touched upon her participation in the World Bank Annual Meetings in Washington, which saw significant interest in the Egyptian market from international financing institutions concerned with the private sector. She clarified that the meetings included fruitful discussions with the International Finance Corporation (IFC) to enhance partnership for private sector financing and to utilize the World Bank’s unified guarantees platform, as well as the investment guarantees mechanism with the European Union, thereby providing more financing opportunities for the private sector in Egypt, both local and foreign companies, which ultimately reflects the state’s efforts aimed at empowering the private sector and increasing investments.

Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation – Egypt.