Al-Mashat, EBRD’s Chief Discuss Joint Cooperation

Minister of International Cooperation Rania Al-Mashat met with the European Bank for Reconstruction and Development's (EBRD) Chief Beata Javorcik.

This meeting took place in the presence of the bank’s Managing Director for the Southern and Eastern Mediterranean, Heike Harmgart. Al-Mashat held the meeting to strengthen economic relations between Egypt and its multilateral and bilateral development partners.

This step comes in line with the directives of President Abdel Fattah El Sisi to maximize the benefit of development cooperation efforts in support of the state’s vision.

Al-Mashat and Javorcik touched upon several areas including the repercussions of the Russian-Ukrainian crisis and the COVID-19 pandemic, development and emerging economies, and the efforts being taken to overcome these challenges.

Moreover, they looked into the development cooperation portfolio between Egypt and the EBRD, and cooperation within the framework of Egypt’s COP27 Presidency.

Al-Mashat hailed the role played by the EBRD and the European Union in providing green financing to the private sector and strengthening value chains through 2 programs worth €220 million covering the energy and water sectors, and enhancing resource efficiency.

In addition, she addressed Egypt’s preparations to host the COP27, and the periodic follow-up by the cabinet regarding the conference’s organization in light of its critical importance in today’s world, with a special focus on Africa, one of the most impacted continents in climate change.

The minister stressed the need for developing and emerging countries to cooperate with international financial institutions on stimulating innovative financing tools and blended financing to increase private sector participation in development projects that address the repercussions of climate change. This is one of the priority areas in the cooperation between Egypt and the EBRD.

For her part, Javorcik emphasized the bank’s commitment to cooperation with Egypt across sectors, particularly in light of COP27.

She also thanked the Ministry of International Cooperation for the joint work in launching the Transition Report “System Upgrade: Delivering the Digital Dividend” from Egypt.