The Minister of International Cooperation Rania Al-Mashat virtually met with the European Investment Bank’s (EIB) Director of Operations for Eastern and Southern Neighborhood Flavia Palanza; the Regional Representative of the European Investment Bank in Egypt, Alfredo Abad; and EIB’s leaders, to review and follow up on the performance of the ongoing development cooperation portfolio between Egypt and the EIB. She will also review the results and implemented projects that come within the framework of the partnership between both sides; supporting Egypt’s Vision 2030 and opening up the horizon for future partnerships.
The Ministry of International Cooperation and the European Investment Bank will hold a number of meetings at the technical teams’ level from both sides, to follow up on the ongoing portfolio of development cooperation between the two sides. This shall take place with the participation of ministries and relevant stakeholders in Egypt.
Al-Mashat stated that Egypt and the European Investment bank have shared a strong relation since 1979, as the bank is one of Egypt’s strategic development partners, where the development cooperation portfolio contributes to stimulating the government’s efforts in achieving sustainable development across various sectors, as well as playing a role in enhancing private sector’s engagement.
Since the start of this joint cooperation, the total portfolio amounts to EUR 13 billion for supporting many projects for the public and private sectors. Al-Mashat further noted that Egypt is the largest country of operations for the European Investment Bank at the level of the southern countries of the European Union.
The Minister added that the meetings that will be held at the technical teams’ level from both sides comes within the framework of the Ministry of International Cooperation endeavors to coordinate and identify the high-priority sectors in the upcoming period, in order to develop future partnerships with clear and precise objectives that push forward Egypt’s development plan.
Effective Partnerships in 2020, Despite the COVID-19 Pandemic
Minister Al-Mashat stated that the strategic partnership with the European Investment Bank was reflected in last year’s cooperation portfolio. Despite the COVID-19 pandemic that hit the world at the beginning of 2020, the Ministry was able to sign development financing agreements amounting to EUR 1.3 billion for developing the transportation sector, in addition to the technical support provided by the EIB that amounts to EUR 27.5 million, allocated to developing projects across sectors of transportation, water and sanitation. The European Investment Bank has also provided development financing amounting to EUR 1.7 billion to the private sector.
Furthermore, she noted that the upcoming period will witness effective, strengthened cooperation across high-priority sectors, such as education, health, energy, and environment; adding that the ongoing discussions aim to tap on the current opportunities and utilize them to support Egypt’s efforts in achieving the United Nations Sustainable Development Goals (SDGs) across various sectors.
This comes within the framework of the future cooperation between the EIB and the European Union (Eu) for 2021-2027.
Al-Mashat referred to Egypt’s hosting of the UN Climate Change Conference (COP 27) that will take place next year; highlighting its opportunity in widening the horizon of cooperation so as to provide innovative financing tools that would enhance Egypt’s leadership in the region; pushing forward the green transition.
50% of the EIB’s Financing is Allocated to Climate Action by 2025
In that same vein, the European Investment Bank’s Director of Operations for Eastern and Southern Neighborhood Flavia Palanza applauded the strategic partnership between Egypt and the bank, which opens up the prospects for further engagement of the private sector.
She added that she looks forward to more joint cooperation between both sides in order to support the EIB’s efforts in promoting development cooperation in Egypt.
Palanza further referred to the EIB Group Climate Bank Roadmap 2021-2025, which aims to promote climate action so that 50% of the annual financing would be dedicated to green investment and climate action by 2025.
For his part, the Regional Representative of the European Investment Bank in Egypt, Alfredo Abad, praised the role Minister Al-Mashat and the Ministry’s teams play in constantly coordinating to achieve the desired results from the cooperation between both sides, and to enhance joint cooperation with relevant stakeholders.
Abad further referred to the roundtable discussion Al-Mashat held with Vice Chairman, Corporate and Investment Banking at Citibank, Mr. Jay Collins on ‘Innovative Tools for Sustainable Development; the Egypt — International Cooperation Forum (Egypt — ICF); and the Multi-Stakeholder Platforms (MSPs) that are held across various sectors; noting that these meetings pushed forward development cooperation towards achieving the SDGs.
During the meeting, the EIB’s side presented the bank’s operations in Egypt and the ongoing development cooperation portfolio, as Egypt is the largest country of operations for the European Investment Bank, among the countries in the southern neighborhood of the European Union, and is as well among the countries that benefited the most from the Economic Resilience Initiative launched by the bank.
They further delved into the most prominent sectors of cooperation between Egypt and the European Investment Bank, which includes energy, water, construction, and transpiration. It is worth noting that since the start of the cooperation in 1979, the bank has provided development financing worth EUR 13 billion for financing 109 projects, of which 47% are for the public sector, 53% for the private sector.
During the meeting, they also presented the portfolio of future partnerships and the measures taken in coordination with the Ministry of International Cooperation; supporting Egypt’s development agenda.
The Ministry of International Cooperation is holding a round of meetings with the EIB to review the portfolio of development cooperation. These meetings come within the framework of the Ministry’s endeavor to strengthen and develop economic cooperation relations between multilateral and bilateral development partners, in coordination with the relevant authorities; working towards achieving Egypt’s Vision 2030, which aligns with the United Nations 2030 SDGs.
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