H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Financial Growth, and Worldwide Cooperation, along with Mr. Péter Szijjártó, Hungary’s Minister of Overseas Affairs and Commerce, concluded the Egyptian-Hungarian Joint Enterprise Discussion board on the Normal Authority for Funding (GAFI). Collectively, they co-chair the Egyptian-Hungarian Joint Committee. This occasion noticed the participation of 126 firms from each Egypt and Hungary throughout a various vary of sectors, together with printing, IT, agriculture, automotive, prescribed drugs, development, meals, oil and gasoline, wooden, meals and drinks, and water remedy.
In her remarks, H.E. Dr. Al-Mashat confused the marked progress in financial relations between Egypt and Hungary, with key areas of cooperation resembling development, IT, meals, water, healthcare, finance, and banking. She highlighted that Egypt was the primary Arab nation to ascertain diplomatic relations with Hungary in 1928, underlining the long-standing ties between the 2 nations. “This historic relationship has been strengthened by means of aligned management visions and reciprocal visits, the newest being H.E. President Abdel Fattah El-Sisi’s assembly with Hungary’s president throughout her go to to Egypt in November 2023,” she mentioned.
Al-Mashat identified that the merger of the Ministry of Planning, Financial Growth and Worldwide Cooperation will additional broaden the scope of collaboration underneath the joint committee, particularly given the ministry’s present efforts to advertise financial improvement insurance policies and handle funding spending to open up alternatives for personal sector progress and appeal to each native and overseas investments.
The Minister added that the federal government is dedicated to bettering the funding local weather and attracting non-public investments, notably from European firms. That is in gentle of the strategic partnership with the European Union, together with the joint declaration signed in March 2024, which secured €1.8 billion in funding ensures for personal sector companies increasing in Egypt. This consists of main European establishments such because the European Financial institution for Reconstruction and Growth (EBRD) and the European Funding Financial institution (EIB), with extra grants from the EU to scale back credit score prices for the non-public sector.
Al-Mashat additionally mentioned key funding alternatives obtainable to Hungarian firms, notably in renewable vitality, inexperienced hydrogen, and industrial localization. H.E. referred to the federal government’s efforts within the complete financial and structural reform program to reinforce macroeconomic stability and help macro-fiscal insurance policies that may unlock extra alternatives for personal sector progress.
H.E. Dr. Al-Mashat highlighted the profitable fourth session of the Egyptian-Hungarian Joint Financial Committee, held in Budapest in early 2023. The session coated quite a few areas of mutual curiosity, together with renewable vitality, agriculture, and healthcare. Preparations are already underway for the fifth session in 2025, which can mark a big step ahead in strengthening financial cooperation and tackling widespread improvement challenges.
H.E. additionally emphasised the significance of sustaining the momentum of the Egyptian-Hungarian Enterprise Discussion board, with lively participation from the non-public sectors in each nations. That is according to Egypt’s dedication to reinforce bilateral ties and improve investments, thus rising non-public sector engagement and fostering a aggressive, investment-friendly financial system.
Furthermore, H.E. Dr. Al-Mashat referred to the beforehand launched “Hub for Advisory, Finance&Funding for Enterprises”, which gives monetary and technical help to the non-public sector, geared toward connecting firms with a big selection of companies from improvement companions, each monetary and non-financial.
The Egyptian-Hungarian Joint Committee holds particular significance, reflecting the deep and historic ties between the 2 nations. One of many key achievements of this partnership is the settlement to produce Egypt with 1,350 Hungarian-manufactured railway automobiles, a testomony to the enduring cooperation between each nations.
Distributed by APO Group on behalf of Ministry of Planning and Financial Growth – Egypt.