Al-Mashat:
• The EIB is the second most active multilateral development bank in financing the private sector in Egypt.
• €1.1 billion invested by the EIB in 20 equity and local and regional venture capital funds to develop the startup sector since 2020.
• Joint coordination to enhance private sector benefit from the European Investment Guarantee Facility valued at €1.8 billion.
H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, met with H.E. Ms. Nadia Calviño, President of the European Investment Bank (EIB), to discuss strengthening the partnership and a number of joint cooperation files, during her presence in the American capital, Washington, to participate in the 2025 Annual Meetings of the World Bank Group and the International Monetary Fund.
During the meeting, Dr. Rania Al-Mashat reaffirmed that cooperation with the EIB represents a key pillar of the strategic partnership between Egypt and the European Union institutions. She noted that the bank is one of the most important development partners in financing infrastructure and energy projects, and supporting the state's efforts to transition towards a green economy.
The two sides discussed the developments in joint relations and the efforts to implement the European Investment Guarantee Facility with the European Union, valued at €1.8 billion, which enables international and European financing institutions to provide guarantees to the private sector, in order to mobilize more investments in Egypt.
The meeting also touched upon the innovative financing provided by the EIB in the local market, as this financing has seen a qualitative development since 2020, reaching about €3.1 billion in the form of concessional credit lines for banks and concessional financing for large companies, in addition to about €1.1 billion in investments in local and regional equity and venture capital funds for the development of the startup sector in Egypt, in diverse sectors such as healthcare, e-commerce, financial services, and technology.
The Minister of Planning, Economic Development and International Cooperation referred to the partnership with the EIB for the implementation of the Sustainable Transport pillar within the country platform for the "NWFE+" program, through which vital projects are being implemented to enhance sustainable transport in the governorates of the Republic, as well as its partnership in providing financing for renewable energy projects.
Dr. Al-Mashat also reviewed the developments of economic reform in Egypt, explaining that despite the state of global uncertainty and regional geopolitical tensions, the Egyptian economy showed strong resilience and a remarkable recovery during the fiscal year 2024/2025, achieving a real GDP growth rate of 5% in the fourth quarter, compared to 2.4% in the same period of the previous year, which represents the highest quarterly growth rate in the last three years.
Dr. Al-Mashat added that this performance contributed to raising the annual growth rate to 4.4% compared to only 2.4% in 2023/2024, exceeding the government's targeted estimates of 4.2%, which reflects the continued implementation of economic stability policies and structural reforms within the National Structural Reform Program, with a focus on enhancing private sector participation.
Minister Al-Mashat attributed this economic rebound to the strong performance in the tourism, non-petroleum manufacturing, and information and communication technology sectors, as the non-petroleum industrial production index rose by 18.8% in the fourth quarter of 2024/2025, compared to only 4.7% in the same quarter of the previous year.
Dr. Al-Mashat highlighted the launch of “Egypt’s Narrative for Economic Development: Reforms for Growth, Jobs & Resilience”, which represents an important milestone in formulating Egypt's unified vision for sustainable economic transformation, and offers an integrated policy framework aimed at enhancing productivity, supporting job creation, and expanding the role of the private sector, with a focus on social inclusion and green growth, in line with the principles of the Global Gateway aimed at investing in people, boosting economic resilience, and implementing structural reforms for long-term prosperity.