Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Egypt, EBRD Discuss Preparations for Investment Conference


Wed 15 May 2024 | 02:49 PM
Ahmed Emam

Rania Al-Mashat, Minister of International Cooperation and Governor of Egypt at the European Bank for Reconstruction and Development (EBRD), held a discussion session with Ms. Odile Renaud Basso, President of the EBRD, to discuss developments in the strategic partnership and the efforts made to advance development efforts, especially in light of enhancing relations between Egypt and the EU, reflecting on the the visit of the President of the European Commission to Egypt last March.

At the beginning of the meeting, the Minister of International Cooperation thanked the President of the EBRD for her efforts and fruitful cooperation over the past four years, to strengthen the relationship between the Bank and member states in a way that enhances development efforts, noting the vital role that the Bank plays as an active member in the system of multilateral development bank, especially in light of the challenging global environment.

The two sides discussed the ongoing preparations for the investment conference scheduled to be held next June with the European Union within the framework of efforts to upgrade relations between the two countries.

In this regard, the President of the EBRD applauded the national program that Egypt implemented with the IIMF to enhance macroeconomic stability and implement economic and structural reforms, and efforts to strengthen management of State-owned companies.

Al-Mashat, who holds the position of Vice President of the current session of meetings, confirmed that the Egyptian government appreciates the bank’s efforts and endeavors over the past years in supporting Egypt through the work team of the bank’s office in Egypt and its leaders, looking forward to more efforts and joint work to increase investments and implement many projects and providing support to the private sector, which is reflected in increasing job opportunities and improving citizens’ livelihoods through development.

She also indicated that the European Union will provide investment guarantees worth 1.8 billion euros to the private sector, and that the conference will represent a qualitative shift in Egyptian-European relations with the participation of all financial institutions as well as the private sector, which will encourage investment efforts in Egypt, calling on the EBRD to provide more financing tools to increase directed support to private sector companies in Egypt.

She noted that cooperation between Egypt and the EBRD has witnessed remarkable progress, as they worked closely at various levels, which supported the state’s efforts to achieve development and implement many priority projects, stressing the fruitful strategic relationship with the bank, as Egypt is a founding member. Since 2012, the relationship has developed continuously, bringing the investment portfolio to about 12 billion euros in 178 projects, more than 80% of these funds were directed to the private sector.

She stated that the most important characteristic of the bank’s investments in Egypt is that they are largely directed to the private sector, which is consistent with the state’s priorities and efforts aimed at increasing the involvement of the private sector in leading development efforts, developing small and medium enterprises, and supporting women entrepreneurs, explaining that during the past year, 1.3 billion euros were invested in 16 projects, 96% of which were directed to the private sector.

She pointed to Egypt's appreciation for the partnership with the EBRD in implementing the energy axis within the country platform of the “NWFE” program, as a major development partner, as work is being done to mobilize the investments, financing, and grants necessary to implement renewable energy projects with a capacity of 10 gigawatts, and replace a number of traditional electric power stations. .

She stated that in light of global calls for the importance of cooperation between multilateral development banks and unifying efforts with member states to overcome development challenges and maximize the impact of the efforts made, the “Rania Al-Mashat” program is a model for this cooperation by creating constructive partnerships to enhance technical and financial cooperation in formulating and implementing it. The projects included within the program build on the comparative advantage of each partner.

Moreover, the meeting discussed efforts to expand the scope of the EBRD’s work to include more member states, especially on the African continent, as part of its efforts to support development efforts in various countries of the world. 

The Minister of International Cooperation pointed out the importance of establishing an institutional framework for tripartite cooperation between the Bank, member states, and newly-member states to enhance benefit from development efforts and exchange experiences on implemented projects.