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Editor in Chief Mohamed Wadie

Al-Mashat Discusses 2022/2027 Country Strategy EBRD


Wed 20 Oct 2021 | 03:15 PM
Ahmad El-Assasy

The Minister of International Cooperation and Egypt’s Governor at the European Bank for Reconstruction and Development (EBRD) Dr. Rania A. Al-Mashat met with the EBRD’s Vice President of Banking, Alain Pilloux, on his visit to Egypt on October 17-20.

During the meeting, they discussed the results of the series of recent meetings held between the Ministry of International Cooperation and representatives of the EBRD.

This took place with the participation of Ministries and relevant authorities, to prepare the new Country Strategy 2022/2027, to follow up on the current status of the drafted strategy, and to discuss ongoing projects that come within the framework of the strong partnership between Egypt and the EBRD.

Al-Mashat stated that this meeting delved into future areas of cooperation within the framework of the in-progress new Country Strategy; advancing towards the green transition and Egypt’s Vision 2030.

Al-Mashat further elaborated that the new Country Strategy aims to enhance businesses environments, develop the economic infrastructure to achieve industrial and technological development’s indicators; develop human capital to enhance private sector’s investments; create job opportunities; improve water-use efficiency; develop and modernize the sector of agriculture in order to ensure food security, and to push forward green energy usage to meet the needs of the country’s rapid population growth.

The minister emphasized the strategic cooperation between Egypt and the EBRD, as Egypt is the largest country of operations for the bank. She referred to the recent visit of the EBRD’s President, Odile Renaud-Basso, last April.

During the visit, a number of cooperation agreements were signed within the Green Cities program, in addition to an agreement signed to launch the largest solar power plant for Egypt’s private sector.

On his part, EBRD’s Vice President of Banking, Alain Pilloux expressed that his visit to Egypt comes within the framework of the preparations for the new Country Strategy, where he will meet several officials as well.

Pilloux further emphasized the bank’s commitment to supporting Egypt’s economy, whether on the level of the government, or the private sector; adding that the new Country Strategy with Egypt contributes to achieving an inclusive economic growth and sustainable recovery.

Moreover, he presented the results of the meetings held with relevant authorities in Egypt during his visit, to discuss development priorities across various sectors.

It is worth noting that Pilloux will chair the EBRD’s Board of Directors meeting taking place on Wednesday, October 20, to discuss the joint strategy with Egypt.

Since the start of the Bank’s operations in 2012, the EBRD has invested more than €7.7 billion in 143 projects in the country, more of 75% of which were allocated to the private sector.

In 2020, Egypt was the EBRD’s largest country of operations in the Southern and Eastern Mediterranean (SEMED) region, accounting for more than €1 billion to finance 21 projects, which comprise 47% of the bank’s total investments in the region. Egypt was also the largest country of operations for two consecutive years in 2018 and 2019.