{"id":566530,"date":"2021-06-24T13:38:30","date_gmt":"2021-06-24T13:38:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/24\/rania-al-mashat-explains-egypts-economic-diplomacy-framework\/"},"modified":"2021-06-24T13:38:30","modified_gmt":"2021-06-24T13:38:30","slug":"rania-al-mashat-explains-egypts-economic-diplomacy-framework","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/24\/rania-al-mashat-explains-egypts-economic-diplomacy-framework\/","title":{"rendered":"Rania Al Mashat Explains: Egypt\u2019s economic diplomacy framework"},"content":{"rendered":"

<\/a> How Egypt\u2019s economic diplomacy fostered multilateralism and international cooperation: <\/strong>In 2020, the International Cooperation Ministry marshaled USD 9.8 bn in finance<\/a> development projects, with USD 6.7 bn allocated to government projects and USD 3.1 bn going to support the private sector. Next week, International Cooperation Minister Rania Al Mashat will launch her book \u201cStakeholder Engagement Through Economic Diplomacy\u201d, which provides insight on the economic diplomacy framework Egypt created to foster multilateralism.<\/p>\n

The book highlights how successful implementation of economic diplomacy and its three principles can produce powerful synergies<\/strong>, offering a strong basis for future interventions and decisions on fund allocation towards fulfilling the 2030 Agenda.<\/p>\n

What exactly is economic diplomacy?<\/strong> Simply put, economic diplomacy entails merging diplomatic skills with economic tools in order to fulfill a country\u2019s economic, political and\/or strategic goals. \u201cThe functions of economic diplomacy emphasize the interconnection among economic, social and political interests and the active roles of different stakeholders,\u201d Al-Mashat states in her book, which is already available online<\/a>.<\/p>\n

In light of the book launch, Al Mashat talked to Enterprise about the economic diplomacy framework, <\/strong>Egypt\u2019s success story in implementing it and the role of the International Cooperation Ministry in connecting local stakeholders to development aid.<\/p>\n

Edited excerpts from our conversation:<\/strong><\/p>\n

Egypt\u2019s economic diplomacy framework is built on three principles: <\/strong>Firstly, holding multi-stakeholder meetings between the ministry, government entities, multilateral and bilateral development partners, private sector and civil society. Secondly, making sure development projects set by these meetings are aligned with the UN\u2019s Sustainable Development Goal (SDGs) and with Egypt\u2019s Vision 2030. Lastly, the Global Partnerships Narrative (pdf<\/a>) focuses on building strong connections and engagements with Egypt\u2019s development partners. The book goes over what these principles are, the theoretical backing of them, and how we implemented what was called upon from the international community.<\/p>\n

The ultimate end-goal: <\/strong>\u201cEgypt\u2019s Economic Diplomacy Framework aims to maximize socio-economic returns from international development financing; ensure the alignment of development interventions with national objectives as well as with the SDGs; and enhance the management of development cooperation for better implementation of development projects within Egypt,\u201d the book states.<\/p>\n

This is the first time a country leads an aid-to-SDG mapping exercise:<\/strong> Since we are nine years away from 2030, we mapped our financing portfolio from the international community and Egypt\u2019s development partners to the SDGs using robust methodologies. This is the first time that a country has led this exercise, and it is exemplary for other countries to do. Egypt is very substantial in that field because our portfolio currently stands at USD 25 bn.<\/p>\n

And the private sector is part of the success story: <\/strong>Part of the finance that we secure as a ministry can also go to the private sector. Whether this financing goes to the government for its projects or to the private sector, they are implemented by Egypt\u2019s private sector.<\/p>\n

That\u2019s the beauty of Egypt\u2019s story:<\/strong> The scale of the aid and the projects were so impressive that the private sector has stepped up to implement those projects, and now they can also do that in Africa with development partners.<\/p>\n

The map will be launched during the book\u2019s launch: <\/strong>In the book, we talk about the importance of governance, transparency and mapping the financing with SDGs. This shows how transparent Egypt is with all the financing it is getting from the international community.<\/p>\n

The book also covers the ministry\u2019s project portfolio until 2020<\/strong>, including infrastructure, housing, transportation, renewable energy, water treatment, education, social programs etc. These are all designed by ministries.<\/p>\n

WANT TO HEAR MORE FROM AL MASHAT on ministry\u2019s economic diplomacy efforts?<\/strong> Listen to our Enterprise After Hours podcast interview (runtime: 41:05) on our website<\/a> | Apple Podcasts<\/a> | Omny<\/a>. We\u2019re also available on Spotify<\/a>, but only for non-MENA accounts. You can also read a summary of the interview here<\/a>.<\/p>\n

Make sure to tune it to the LSE\u2019s discussion \u201c<\/strong>Policy Reform in the Making: Stakeholder Engagement through Economic Diplomacy<\/a><\/strong>\u201d on 29 June, from 3PM to 4:15PM (CLT) through <\/strong>this link<\/a><\/strong>. <\/strong>Speakers include Al Mashat, chief economist of the Asian Infrastructure Investment Bank and LSE Professor in Practice Erik Berglof, VP and chief economist of the World Bank Group Carmen Reinhart, and director of the LSE Minouche Shafik.<\/p>\n","protected":false},"excerpt":{"rendered":"

How Egypt\u2019s economic diplomacy fostered multilateralism and international cooperation: In 2020, the International Cooperation Ministry marshaled USD 9.8 bn in finance development projects, with USD 6.7 bn allocated to government projects and USD 3.1 bn going to support the private sector. Next week, International Cooperation Minister Rania Al Mashat will launch her book \u201cStakeholder Engagement […]<\/p>\n","protected":false},"author":1,"featured_media":566531,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10128],"tags":[168,4249,633,443,223],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-566530","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-diplomacy","tag-diplomacy","tag-economic-diplomacy","tag-enterprisepm","tag-international-cooperation-ministry","tag-rania-al-mashat","wpautop","entry"],"acf":{"mongo_id":"16213218-6dad-4969-8dad-ccd599f0b25d","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/6\/583.jpg","photo_position":"above","related_issue":[566526],"teaser":"","voice_url":""},"yoast_head":"\nRania Al Mashat Explains: Egypt\u2019s economic diplomacy framework - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/24\/rania-al-mashat-explains-egypts-economic-diplomacy-framework\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rania Al Mashat Explains: Egypt\u2019s economic diplomacy framework\" \/>\n<meta property=\"og:description\" content=\"How Egypt\u2019s economic diplomacy fostered multilateralism and international cooperation: In 2020, the International Cooperation Ministry marshaled USD 9.8 bn in finance development projects, with USD 6.7 bn allocated to government projects and USD 3.1 bn going to support the private sector. 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Al Mashat and Reed\u2019s meeting comes as USAID\u2019s five-year\u2026","rel":"","context":"In "Diplomacy + Foreign Trade"","block_context":{"text":"Diplomacy + Foreign Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/diplomacy-foreign-trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":555273,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/08\/el-molla-meets-us-energy-secretary-in-glasgow-is-more-iftc-finance-in-the-pipeline\/","url_meta":{"origin":566530,"position":2},"title":"El Molla meets US energy secretary in Glasgow + is more IFTC finance in the pipeline?","author":"enterpriseam admin","date":"8 November 2021","format":false,"excerpt":"Oil Minister Tarek El Molla met with US Secretary of Energy Jennifer Granholm at the COP26 summit in Glasgow, where they discussed energy cooperation, according to a ministry statement. El Molla had previously announced Egypt's participation in the NetZero World Initiative, launched by the US last week to accelerate the\u2026","rel":"","context":"In "Diplomacy"","block_context":{"text":"Diplomacy","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/diplomacy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":575256,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/07\/diplomacy-foreign-trade-on-8-october-2020\/","url_meta":{"origin":566530,"position":3},"title":"Diplomacy + Foreign Trade on 8 October 2020","author":"enterpriseam admin","date":"7 October 2020","format":false,"excerpt":"Topping diplomatic coverage this morning: We now know how the EUR 1 bn loanagreement signed with the French Development Agency (AFD) last year will be spent, following a meeting between International Cooperation Minister Rania Al Mashat and French Ambassador to Cairo St\u00e9phane Romatet yesterday. The four-year agreement is set to\u2026","rel":"","context":"In "Diplomacy + Foreign Trade"","block_context":{"text":"Diplomacy + Foreign Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/diplomacy-foreign-trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":575206,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/06\/covid-19-highlighting-need-for-multilateralism-in-intl-cooperation-al-mashat\/","url_meta":{"origin":566530,"position":4},"title":"Covid-19 highlighting need for \u2018multilateralism\u2019 in int\u2019l cooperation -Al Mashat","author":"enterpriseam admin","date":"6 October 2020","format":false,"excerpt":"How covid-19 shaped Egypt\u2019s policies on working with int\u2019l development partners: Egypt has developed a framework to cooperate with international development partners that is grounded in multilateralism and international cooperation after the covid-19 pandemic highlighted that no country could stand on its own when facing economic and health crises, International\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/59.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568729,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/02\/usaid-al-mashat-talk-cooperation\/","url_meta":{"origin":566530,"position":5},"title":"USAID, Al Mashat talk cooperation","author":"enterpriseam admin","date":"2 February 2020","format":false,"excerpt":"USAID, Al Mashat talk cooperation: International Cooperation Minister Rania Al Mashat met with USAID Egypt boss Sherry Carlin and the US Ambassador to Egypt Jonathan Cohen to discuss cooperation through the Egyptian American Enterprise Fund and USAID\u2019s Prosper Africa program, the ministry said in a statement.","rel":"","context":"In "Diplomacy + Foreign Trade"","block_context":{"text":"Diplomacy + Foreign Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/diplomacy-foreign-trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/566530","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=566530"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/566530\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/566526"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/566531"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=566530"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=566530"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=566530"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=566530"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=566530"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}