The Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat met with the Vice President of the European Investment Bank (EIB) Ambroise Fayolle, in the presence of Alfredo Abad, the bank’s Head of Regional Representation alongside a number of other representatives.
This is within the framework of periodic meetings held with multilateral and bilateral development partners to follow-up on ongoing cooperation files, in line with Egypt’s national development agenda.
The meeting’s discussions included continued consultations on the EIB’s cooperation with Egypt on COP27, and on-going development cooperation projects and joint cooperation files.
Al-Mashat stressed the close cooperation between Egypt and the EIB in various areas of development, and that future opportunities for cooperation include the production of clean energy and green hydrogen.
The minister pointed out that in 2020 and 2021, the bank provided €3.35 billion in development financing to the public and private sector. This includes development cooperation agreements with the government worth €1.5 billion in several vital sectors, namely transport, water and water treatment, and €1.85 to the private sector.
Al-Mashat also referred to the importance of highlighting the successfully implemented cooperation projects between Egypt and the bank during the COP27.
The minister said that Egypt is working to advance climate action efforts regionally and internationally through its COP27 presidency, while also strengthening national efforts for its green transformation through an ambitious list of mitigation and adaptation projects.
This encompasses various sectors including, energy, transport, and environment, among others, while also working to stimulate the participation of the private sector in implementing development projects through innovative financing and blended financing mechanisms.
Al-Mashat noted the ongoing projects between the Government of Egypt and the EIB in the renewable energy and environment sectors, such as the wind farms in the Gulf of Suez, the Egyptian Project for Electricity Transmission, Phase 3 of the Industrial Pollution Control Program, and the implementation of a number of projects within metro lines, tunnels, and the Abou Qir Metro in Alexandria.
Moreover, the minister discussed cooperation between Egypt and the EIB on climate action, within the framework of the COP27, as well as the bank’s Climate Bank Roadmap 2021 – 2025, aiming to increase its funding for climate action; supporting the green transition, reducing harmful emissions in the EU and the countries it cooperates with, and increasing financing for climate action and environmentally-friendly projects, so as to ensure 50% of its financing by 2025 are directed to support in mobilizing the globally required $1trillion towards climate action.
H.E. also stressed the continued coordination between the Ministry and the EIB, to enhance joint action within the framework of the aforementioned roadmap, to consolidate frameworks of cooperation between the bank and relevant government entities, and to promote climate action and provide financing for environmentally friendly projects.
Additionally, Al-Mashat also discussed the Egypt – International Cooperation Forum’s second edition and EIB’s participation in the event to exchange views and discussions with development partners and government entities on sustainable development efforts.
Al-Mashat also referred to the Ministry’s recently held Multi-Stakeholder Platform on South-South Cooperation that brought together over 60 representatives from development partners; strengthening cooperation through exchange of experiences and expertise to benefit the African continent.
On his part, Vice President of the EIB Ambroise Fayolle stressed the importance of joint cooperation between the Bank and the Government of Egypt in adaptation and mitigation projects to address climate change, especially in light of the country’s COP27 presidency, and within the framework of the Green Team Europe Initiative.
Fayolle pointed out the need to strengthen cooperation in launching initiatives for the green transformation, also in line with the EIB’s leading role in the Multilateral Development Bank group in 2022.
The cooperation between the Government of Egypt and the EIB covers various sectors, including the production of clean energy and green hydrogen. The ongoing development cooperation portfolio between Egypt and the bank amounted to about €3.5 billion by the end of 2021, including projects in transportation, water and sanitation, energy, environment, small and medium enterprises, and civil aviation.