On Sunday, Egypt's Minister of International Cooperation, Dr. Rania Al-Mashat, held a pivotal meeting with the European Bank for Reconstruction and Development (EBRD) Vice President for Policies and Partnerships, Mr. Mark Bowman. The discussions, aimed at reinforcing Egypt's private sector and renewable energy endeavors, also saw the presence of key figures such as Ms. Heike Harmgart, SEMED's Managing Director, and Mr. Khaled Hamza, EBRD's Egypt Office Director.
The EBRD has been a staunch ally in Egypt's development, having injected over €11 billion into the nation since 2012, primarily favoring private sector ventures. This year alone, the bank has already committed $95 million in investments, providing a significant boost to small and medium-sized enterprises (SMEs) and female entrepreneurs through credit lines, capacity-building programs, and direct company contributions.
A cornerstone of the discussions was the NWFE Program's energy pillar, which Egypt and the EBRD are collaboratively advancing. This initiative aims to generate 10 gigawatts of renewable energy by 2030, a move that will substantially raise the country's renewable energy share in line with its updated nationally determined contributions (NDCs). The program is poised to attract $10 billion in investments, marking a significant leap towards Egypt's sustainable development goals.
Minister Al-Mashat lauded the EBRD's unwavering support, particularly in the face of Egypt's economic challenges, and highlighted the bank's contributions to the ongoing energy projects, including the enhancement of Egypt's electrical grid and the promotion of green supply chains.
The discussions also touched on the EBRD's potential expansion into Africa, with Egypt positioned as a strategic gateway for the bank's operations on the continent. This expansion aligns with Egypt's broader goals of fostering cooperation with African nations and promoting regional development.
Further, the meeting delved into the ongoing development cooperation projects across various sectors, including the Suez Canal Economic Zone's digital transformation. The success of these initiatives is crucial for improving Egypt's investment climate and streamlining investor services.
The fruitful dialogue underscored the deepening partnership between Egypt and the EBRD, setting a promising trajectory for the country's economic and environmental aspirations. As Egypt continues to navigate its development path, the support from international partners like the EBRD remains indispensable in achieving its Vision 2030 objectives.
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