H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, met with Ms. Nadia Calvino, the President of the European Investment Bank (EIB), the financing arm of the European Union (EU), Europe’s climate bank, and one of the largest multilateral development partners of the Arab Republic of Egypt, to discuss mechanisms to enhance future cooperation. This was during the 79th session of the United Nations General Assembly (UNGA) and the "Summit of the Future" in New York.
Al-Mashat noted that the EIB is one of the largest multilateral development partners of the Arab Republic of Egypt, and a key member of the Team Europe initiative, working to support a wide range of development projects in various critical economic sectors, noting that over the past four years, the EIB has been the largest development partner that provided investments and financing to the private sector through innovative tools.
In November 2023, the EIB launched its regional hub in Cairo, with the aim of strengthening cooperation and partnership with public and private partners across the Middle East and North Africa region (MENA), deepening the partnership between Egypt and the Bank, unlocking new opportunities in the coming years, addressing investment challenges and increasing the impact of cooperation with partners in public and private investments.
H.E. emphasized the importance of mechanisms development to benefit from the center in encouraging South-South cooperation and triangular cooperation between Egypt and the region through the exchange of knowledge between the countries of the South and benefiting from Egypt's pioneering development experiences with development partners, which contributes to integration and bridging development gaps between developing countries and emerging economies.
The meeting reviewed the EIB initiatives launched in COP28 and preparations for COP29, as well as the initiatives that Egypt and the EIB could launch together, which the (NWFE) program can benefit from, especially in energy projects, in light of the partnership between the bank.
It is worth noting that Egypt and the EIB have been working together since 1979, financing 127 projects with a total of about €14 billion in the public and private sectors for sustainable investment projects. The current cooperation includes the implementation of 16 development projects in various sectors such as transportation, environment, water and sanitation, small and medium enterprises, and civil aviation. The EIB office in Cairo was created in October 2003, and it was the first office to operate outside European territory.
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