Minister of International Cooperation and Head of Export-Import Bank of China Discuss Opportunities for Enhancing Mutual Cooperation

Rania Al-Mashat, Minister of International Cooperation, met with Hu Fulin, Head of Export-Import Bank of China During the meeting, they highlighted the portfolio of development cooperation and the distinguished economic relations between Egypt and China.

The two sides discussed the ongoing project portfolio, including the implementation of the electric train project, which is one of the most important modern transportation projects that enhance the country's efforts towards sustainable infrastructure.

Al-Mashat affirmed the government's keenness to strengthen the common relations with Export-Import Bank of China to enhance development efforts in Egypt, in light of the Comprehensive Strategic Partnership Agreement signed in 2014, which strengthens cooperation between the two sides.

Al-Mashat pointed out the effective cooperation between the two sides in implementing several projects, most notably the successful opening of the first and second phases of the Light Rail Transit (LRT) project, inaugurated by President Abdel Fattah El-Sisi, reflecting its importance within the state's plan to transition to sustainable transportation.

Al-Mashat discussed with the President of  Export-Import Bank of China the ongoing efforts to enhance future cooperation between the two sides, including the bank's participation in the upcoming phases of the Light Rail Transit.

She emphasized that the Ministry of International Cooperation is keen to enhance cooperation with multilateral and bilateral development partners to support the state's development vision in various sectors, and that the state is keen to enhance and diversify areas of cooperation with the bank to meet various development requirements.

In a related context, Minister Al-Mashat discussed successful debt swap programs for development implemented with several development partners, including Germany and Italy.

Al-Mashat affirmed that the debt swap mechanism has become an important tool for supporting development efforts to promote sustainable growth in many countries and finance green transformation projects, especially in light of the world's focus on expanding green project financing to address the consequences of climate change.

Al-Mashat presented the details of Nofi platform project, which is the link between water, food, and energy projects, launched by the government following the approval of National Climate Change Strategy 2050.

The Minister of International Cooperation explored opportunities for development cooperation with the China Export-Import Bank to provide incentivized blended finance for private sector participation in implementing these projects, in light of the Egyptian state's priorities to enhance the role of the private sector in all sectors.

For his part, the President of Export-Import Bank of China affirmed that Arab Republic of Egypt is one of the bank's most important operation countries, pointing to the bank's keenness and readiness to enhance bilateral relations and promote development cooperation to support development in Egypt.

It is worth mentioning that cooperation portfolio with China amounts to $1.7 bn for the implementation of various projects in different development sectors, including electricity, health, education, vocational training, and others.

Recently, the Minister witnessed the completion ceremony of the assembly and testing of the satellite (Misr Sat 2) in collaboration with the Chinese side, at the headquarters of the Egyptian Space Agency.

Al-Mashat also met with Maria Gerardu Gonzalo, Director of Development Cooperation at the Organization for Economic Cooperation and Development (OECD), who recently assumed her position. The meeting discussed efforts to enhance joint cooperation in the evaluation of development cooperation, in addition to strengthening global partnerships for effective development cooperation.

The two sides also discussed the joint efforts to stimulate trilateral cooperation to advance the implementation of sustainable development goals.