CAIRO – Egyptian International Co-operation Minister Rania al-Mashat has affirmed the depth of the strategic relationships between Egypt and the US.
The Egyptian-US ties, which have been rooted for over four decades, resulted in signing pacts and development financing grant agreements worth more than $30 billion, added the minister during her meeting with USAID administrator Samantha Power.
Mashat was in Washington to attend the Spring Meetings of the International Monetary Fund (IMF) and the Boards of Governors of the World Bank Group (WBG).
Such pacts and development financing grant agreements contributed to supporting development efforts in priority areas, added the minister.
Egypt signed seven development financing grant agreements with the US, through the USAID, worth $130 million during 2021, she further noted.
Highlighting the decades-long economic partnership between Egypt and the US, the minister said the
volume of trade exchange between the two countries amounted to more than $8 billion last year.
Mashat, meanwhile, pointed out to the government’s efforts to adopt a package of policies and executive programs that are aimed at improving the investment climate for the private sector and promoting its partnership in development spheres, especially in the climate action.
The government adopted in 2016 an ambitious economic reform program, a matter which gave Egypt further impetus to deal with the Covid-19, said the minister.
The minister also pointed out to the Bilateral Investment Treaty (BIT), which is implemented with the USAID and aims at encouraging and facilitating participation by private enterprise to the maximum extent in the development process.
Talking about the “Decent Life” presidential initiative, the minister said that initiative is meant to improve the living conditions of about 58 million people in 4,000 villages nationwide.
Mashat, meanwhile, said that her ministry secured a total of $4.7 billion in development financing in 2020 and 2021 with the private sector.
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