Egypt's PM Holds Meeting 'Via Video Conference' with EBRD President

On Thursday, the Egyptian Prime Minister Moustafa Madbouli held a meeting, via video conference, with President of the European Bank for Reconstruction and Development (EBRD) Suma Chakrabarti.

The virtual meeting has been attended by the EBRD Vice President Alain Pilloux and the Egyptian Minister of International Cooperation Rania El Mashaat.

During the meeting, Madbouli commended the EBRD's outstanding support for the Egyptian development efforts, thus getting Egypt to be the largest country of the bank's operations with an investment portfolio standing at $1.3 billion.

the Prime Minister underlined Egypt's keenness on accelerating efforts in the fields agreed upon between the two sides, topped by energy, water desalination and sanitation.

Madbouli hailed the bank's infrastructure support project which will save large amounts of water.

He added that such kinds of projects secure a large number of direct and indirect jobs in rural and most needy areas.

On his part, EBRD President greeted the Egyptian government on the holy fasting month of Ramadan, stressing the bank's support for Egypt in the coronavirus crisis which cast its shadow on international economy.

Pilloux lauded the precautionary measures adopted by Egypt to confront the coronavirus crisis, especially at the medical and economic levels.

Pilloux also hailed the international cooperation minister's launch of a platform on April 2 with representatives of international and regional development organizations in Egypt to discuss immediate response of international financing institutions to the coronavirus outbreak.

He said the platform should be an example to be followed in confronting the crisis.

He added that the bank will continue backing Egypt's development efforts not only through the solidarity package which the bank plans to launch, but also through medium- and long-term projects, financing trade and buttressing the tourism sector.

The bank will also offer credit lines for Egyptian banks to finance small- and medium-sized enterprises to create jobs, he said.

Meanwhile, Rania El Mashaat reviewed the outcome of virtual round-table meetings with representatives from international financing institutions and the private sector on means of backing the private sector to overcome the coronavirus economic fallout.