Dr. Rania Al-Mashat, Minister of International Cooperation, and Mr. Gert Koopman, Director-General for Neighborhood and Enlargement Policies at the European Commission, hosted a high-level roundtable with development partners and international institutions to introduce a 1.8 billion euro investment guarantee mechanism provided by the European Union to Egypt as part of a 7.4 billion euro financing package, underpinning the strategic partnership between the two sides.
They discussed future steps to operationalize these guarantees in collaboration with various European and other development partners to bolster efforts in attracting foreign direct investments. They agreed to organize technical workshops involving relevant parties to prioritize the use of investment guarantees within areas of mutual interest for Egypt and the European Union.
Representatives at the roundtable included Gelsomina Vigliotti, Vice President of the European Investment Bank (EIB), and Guido Clary, Head of the EIB Regional Hub for North Africa and the Middle East in Cairo. Also participating from the European Bank for Reconstruction and Development (EBRD) was Jürgen Rigterink, First Vice President of the EBRD, and Dr. Heike Harmgart, EBRD Managing Director for the Southern and Eastern Mediterranean (SEMED) region, and the World Bank Group (WB) was represented by, Anna Bjerde, WB Managing Director for Operations, Stephane Guimbert WB Country Director for Egypt, Yemen, and Djibouti.
The International Finance Corporation (IFC) was represented by Susan Lund, IFC Vice President for Economic and Private Sector Development, and Cheikh Oumar Sylla, IFC Regional Director for North Africa.
The African Development Bank (AfDB) was represented by Marie-Laure, the AfDB Vice President for Regional Development, Integration and Business Delivery, and Abdourhamane Diaw, AfDB Country Manager for Egypt, and from the French Development Agency (AFD), Cécile Crouprie, AFD Regional Director, and Clemence Vidal De la Blache, AFD Country Representative attended. Moreover, from Germany's KfW Development Bank Mr. Christofer Schaefer, Country Director, attended and the Head of German Cooperation in Egypt Mr. Holger llli attended.
At the outset of the meeting, Al-Mashat expressed gratitude to the European Union for their ongoing efforts and coordination in strengthening the strategic partnership. H.E. also commended development partners and international institutions for fruitful collaborations and continuous support to the government in advancing its developmental priorities, especially during economic challenges.
Minister Al-Mashat highlighted the importance of the 1.8 billion euro investment guarantees provided by the European Union through the European Fund for Sustainable Development (EFSD), emphasizing their role in enhancing investment partnerships with Egypt, attracting more foreign direct investments, and stimulating investments from local and international private sector companies.
She. noted that these guarantees would be available not only through European financial institutions but also through other international finance institutions, underscoring the integration and multiple available mechanisms from various international institutions to support and enable the private sector, thereby opening avenues for foreign direct investments and supporting state efforts to increase private sector involvement across various development areas.
It is anticipated that these guarantees will enhance foreign direct investment inflows amounting to 11 billion euros in priority sectors of mutual interest between Egypt and the European Union, including energy, climate action, water, food security, and human capital investment.
Gert Koopman spoke about the European Union's commitment to providing comprehensive support mechanisms for Egypt's private sector to stimulate investments in priority sectors, particularly those promoting the transition to green economy and reducing carbon emissions. He highlighted that the Egyptian-European Investment Conference and the elevation of bilateral relations reflect a partnership strategy aimed at supporting overall economic stability in Egypt and advancing a comprehensive approach to meet development priorities with significant private sector involvement.
During the roundtable, development partners and international institutions reviewed efforts undertaken in collaboration with the government to support and develop various sectors of development and mechanisms to support the private sector.
They applauded the Egypt -EU Investment Conference as a cornerstone of the extended partnership and a strong driver for the efforts of development partners to increase private sector participation in development and stimulate investments in priority sectors.
Development partners reaffirmed their commitment to continued integration and coordination to maximize the effectiveness of implemented mechanisms and steps to support the private sector in Egypt.
They also applauded the efforts and joint work with the Ministry of International Cooperation in implementing budget support programs and development policy financing within an integrated framework to implement structural reforms, which also contribute to developing and facilitating the investment environment for the private sector. They expressed readiness to coordinate efforts to maximize the benefits of the investment guarantees provided by the European Union.
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