The Minister of International Cooperation Rania Al-Mashat met with the President of the European Investment Bank (EIB) Werner Hoyer, during the World Economic Forum (WEF) Annual Meeting 2023 in Davos, Switzerland.
During their meeting, they discussed the fruitful cooperation between the Ministry of International Cooperation and the EIB over the course of 2022, at the level of various development cooperation efforts and in meeting national development priorities.
This especially includes Egypt’s Country Platform for the Nexus of Water, Food and Energy NWFE Program, and the NWFE+ Program which promotes the mobilization of blended finance mechanisms and stimulates private sector engagement in implementing green projects within the transport sector.
Al-Mashat explained that the joint efforts with the EIB are consistent with the National Country Climate Strategy (NCCS) 2050 and the Nationally Determined Contributions (NDCs), as the bank contributes to the implementation of renewable energy projects as well as the “Adaptation of Crop Production in the Nile Valley and Delta” project, “Adaptation of Northern Delta Affected by Sea Level Rise” project, and “On Farm Irrigation of Old Lands” projects.
She also referred to the efforts made with the EIB in light of stimulating the participation of the private sector through development cooperation. In 2022, the bank provided development financing of €15 million to the Bank of Alexandria, and €500 million to Banque Misr and the National Bank of Egypt.
This is within the framework of providing development financing to the private sector and to small and medium enterprises (SMEs).
Moreover, Al-Mashat and Hoyer discussed future projects within the framework of the development cooperation efforts in several sectors including sustainable green industries, food security, technical support and training, and mobilizing support for the NWFE Program.
The WEF 2023 Annual Meetings in Davos, Switzerland was held under the theme "Cooperation in a Fragmented World", with the participation of several heads of state, heads of government, ministers, and major private sector companies.
The Minister held a number of bilateral meetings between the 16th and 20th with representatives of multilateral and bilateral development partners, private sector companies, and philanthropic organizations, and participated in several events and sessions in light of the strengthening economic relations between Egypt and regional and international institutions