Al Mahat Discusses with EBRD Vice President Repercussions of Global Economic Developments and Future Relations between the Two Sides

Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation and Egypt's Governor at the European Bank for Reconstruction and Development (EBRD), met with Mr. Mark Bowman, the EBRD's Vice President, in the presence of Mr. Mark Davis, the EBRD's Managing Director for the Southern and Eastern Mediterranean (SEMED) region.

The meeting reviewed the current and future collaboration portfolio between Egypt and the Bank in economic fields, the provision of technical support in sustainable development and renewable energy, and ways to enhance investment in private sector projects.

Discussions also touched on global economic developments and their impact on developing and emerging countries.

At the beginning of the meeting, Dr. Rania Al-Mashat emphasized the importance of cooperation between the Arab Republic of Egypt and the EBRD in achieving the Sustainable Development Goals (SDGs.

Minister Al-Mashat highlighted the upcoming Annual Meetings and their events, which aim to strengthen cooperation between the Egyptian government and the Bank in various fields.

Dr. Al-Mashat expressed appreciation for the strategic relations between the Ministry of Planning, Economic Development and International Cooperation and the Bank, which have proven successful in driving economic development in Egypt.

Minister Al-Mashat noted that since 2012, Egypt has become a country of operations for the EBRD, contributing to the implementation of over 194 investment projects across various economic sectors. Investments exceeding €13 billion have been injected, with over 80% directed towards supporting the private sector, highlighting its vital role in achieving sustainable growth.

Dr. Al-Mashat reiterated that the current government is working to strengthen macroeconomic stability efforts and continue implementing structural reforms that stimulate the private sector and create a favorable investment and business environment. The government also intends to proceed with the offering program to maximize returns on state-owned assets.

Minister Al-Mashat pointed out that the EBRD's investments during the past year reflect the Bank's significant confidence in the Egyptian economy and the attractiveness of local and foreign private sector companies for external financing, as well as the success of the state's efforts, particularly at the level of structural reforms in the renewable energy sector. This has enabled the Bank, as a key partner in the energy pillar of the "NWFE" program, to attract innovative financing for numerous projects.

Dr. Al-Mashat indicated that during the past year, Egypt successfully maintained its position as the largest country of operations for the Bank in the SEMED region for the seventh consecutive year, with €1.5 billion invested in 26 projects, 98% of which went to the private sector, and about 50% of which was directed towards green financing. This reflects Egypt's growing interest in green transition and supporting renewable energy projects.

During the meeting, the two sides reviewed joint projects between Egypt and the Bank, including the Robiky/10th of Ramadan railway connection project, which is considered a strategic project aimed at improving the transportation network in Egypt, and the Egypt Projects Preparation Facility (EPPF), which includes preparing feasibility studies and providing technical support for the development of future investment projects.

The meeting also discussed partnership frameworks, considering the Bank as the main development partner within the energy pillar of the "NWFE" program.

Dr. Rania Al-Mashat expressed gratitude to the Bank for its continuous support for Egypt's efforts in this field. She also affirmed Egypt's support for the EBRD's efforts to expand in Sub-Saharan Africa.