● The EBRD has provided investments worth $95 million as credit lines to banks and contributions to Egyptian private sector companies since the beginning of 2024.
● The Minister of International Cooperation highlighted the role of the EBRD and development partners in supporting Egypt’s efforts to empower the private sector through investments, contributions and concessional financing.
Within the framework of the close relations between Egypt and the European Bank for Reconstruction and Development (EBRD), H.E. Dr. Rania Al-Mashat, Minister of International Cooperation and Egypt’s Governor at the Bank, met with a high-level delegation headed by Mr. Mark Bowman, the Bank’s Vice President for Policies and Partnerships, and in the presence of Ms. Heike Harmgart, Managing Director for the Southern and Eastern Mediterranean (SEMED) region , Mr. Khaled Hamza, Director of the Egypt Office, Mr. Hamza Al-Assad, Assistant Director and Head of Climate Strategy for the Southern and Eastern Mediterranean Region, and others. The meeting witnessed discussing various aspects of joint cooperation between the two sides, and following up on the implementation of ongoing projects, especially within the framework of the energy pillar within the NWFE Program.
At the beginning of the meeting, the Minister welcomed the EBRD Vice President in Egypt, stressing the depth of joint relations with the bank, as Egypt is a founding member and the largest country of operations in the SEMED region. Since 2012, the bank has contributed to pumping in investments exceeding €11 billion, more than 80% of which is for the private sector, and it contributed to the implementation of 174 projects in various development fields.
Private Sector Financing in 2024
The Minister of International Cooperation applauded the efforts made by the EBRD to support Egypt’s efforts to empower the private sector by increasing investments, contributions and direct development financing.
Since the beginning of this year, the EBRD has strengthened its investments in the private sector by $95 million, in the form of credit lines to Egyptian banks to support small and medium-sized companies and female entrepreneurs, and to provide consultations and capacity-building programs for these types of projects, in addition to contributions to Egyptian private sector companies.
NWFE Program Projects
Al-Mashat discussed, with the Vice President of the EBRD, developments in the implementation of energy pillar projects within Egypt’s Country Platform for the NWFE Program where the bank assumes the role of the main development partner in this pillar. The energy pillar includes renewable energy generation projects with a capacity of 10 gigawatts, with investments of $10 billion dollars, which enhances Egypt;s efforts to increase the renewable energy mix in the total energy generated to about 42% by 2030 instead of 2035, according to the nationally determined contributions (NDCs) that were updated in June 2023, based on the joint political declaration between Egypt, the United States, and Germany that was announced in COP27.
The Minister discussed the details of the executive position of the projects being implemented within the framework of the energy pillar, including the project to strengthen the electricity network in Egypt, and technical support to enhance green supply chains. The bank also extended its sincere thanks to the Egyptian government for its efforts to confront the economic challenges, stressing its continued provision of all means of support for the Egyptian economy.
Supporting the EBRD’s Expansion in Africa
The EBRD also highlighted the role played by the Arab Republic of Egypt in supporting the proposed expansion of the operations of the bank in Africa. In that way, Egypt will become the Bank’s gateway to expansion in African countries and to enhance strategic cooperation relations between Egypt and African countries.
Moreover, the two sides discussed the portfolio of ongoing development cooperation projects in various development sectors, including the technical support and digital transformation program for the Suez Canal Economic Zone, the first phase of which was successfully implemented and the second phase is currently being implemented. In this regard, the Minister indicated the importance of the program in enhancing the state’s efforts to improve the investment climate, simplify procedures, and accelerate the management of investor services.
The meeting also discussed the results of the visit of the Minister to Brussels in January, to participate in the 10th Association Council between Egypt and the EU. In the meetings, they reviewed a comprehensive report titled “Egypt and Team Europe: A Shared Development Vision for Progress and Prosperity”, which also features the EBRD and the European Investment Bank (EIB), and the most prominent pillars of cooperation during the coming period with the European Union and various European institutions to meet development requirements and priorities in Egypt.