Minister of International Cooperation Dr. Rania Al-Mashat announced on Monday that the European Investment Bank (EIB) approved EUR 750 million to Banque Misr to mitigate the negative repercussions of the COVID-19 pandemic on small and medium enterprises and close the liquidity gap.
In a statement, Al-Mashat emphasized on the importance of the Ministry of International Cooperation's partnership with EIB in supporting development, as the ministry signed several agreements with the bank in the current year, the most important of which is an agreement worth €1.9 billion for the transport sector as well as small and medium enterprises.
Al-Mashat noted that the ministry is seeking to strengthen economic diplomacy to strengthen the ‘Global Partnerships for Effective Development’. These principles include regularly organizing multi-stakeholder platforms to ensure that all projects between development partners are streamlined; adopting a consistent Global Partnerships Narrative People&Projects&Purpose (P&P&P); and mapping ODA financing to SDGs for all projects with multilateral and bilateral development partners.
Earlier in February, an EIB delegation visited Egypt to discuss future projects that are in line with supporting Egypt's agenda 2030, where Flavia Palanza, EIB director for Eastern and Southern Neighbourhood, asserted that the EIB is willing to support Egypt with its economic recovery plan, in cooperation with the EU, in energy, transport, water and sanitation, SMEs, healthcare, and education.
The bilateral strategic partnership between Egypt and the European Investment Bank dates back to 1979 with a portfolio amounting to nearly €10.6 billion to finance public and private collaborations and support social and economic development.
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