ALAMEIN – Prime Minister Mostafa Madbouli chaired a Cabinet meeting Thursday at the government headquarters in New Alamein with participation of Minister of International Cooperation Rania el-Mashat to follow up a number of files related to the ministry’s work, along with the latest developments regarding efforts meant to promote ties with multilateral, as well as bilateral development partners.
During the meeting, the minister of international cooperation reviewed outcome of her recent visit to China, the first ever since the outbreak of the coronavirus, during which Mashat signed a Memorandum of Understanding (MoU) on the Global Development Initiative (GDI) Launched by Chinese President Xi Jinping in 2021.
The initiative envisages developing an integrated strategy for development cooperation between Egypt and China.
The Chinese president launched the GDI with the aim of redirecting global development towards a new stage of balance and comprehensive coordination to face global shocks, promoting more equitable and balanced global development partnerships and achieving more synergy through multilateral cooperation to accelerate the implementation of 2030 Agenda for Sustainable Development.
According to the minister, the MoU aims at exchanging expertise and cooperation with developing markets and emerging economies.
The meeting also took up outcome of talks with Export-Import Bank of China (China Exim Bank) regarding the development cooperation portfolio, with a view to upping economic growth rates and increasing the private sectors contribution to the economy.
Mashat referred to the launching of an e-system for the management and follow-up of data of soft loan development finance projects.
Meantime, she underscored ongoing efforts to drum up soft development finance mechanisms to incentivize private sector investments to implement “Nouwfi” program, in cooperation with development partners and concerned ministries.
All program efforts are being carried out with respect to the National Climate Change Strategy 2050 and the Nationally Determined Contributions Plan 2030, which resulted in a package of programs and projects that were classified and merged to be projects that support the field of Water–Energy–Food nexus, she noted.
