H.E. Dr. Rania A. Al-Mashat discussed proposals for joint cooperation on COP27 with the European Investment Bank (EIB).
During her participation in the 2022 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG), the Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat met with the President of the European Investment Bank (EIB) Dr. Werner hoyer. This took place in the presence of Markus Berndt, Acting Managing Director of EIB Global. The meeting looked into ongoing projects between Egypt and the EIB, as the Minister emphasized the country’s continued commitment to its partnership with the bank.
The meeting discussed the proposals made by the EIB to cooperate with the Government of Egypt on COP27, noting the importance of joint relations with international financial institutions to advance efforts in implementing climate pledges, and in providing innovative financing to enhance the role of the private sector in sustainable development.
The Minister also invited the President of the EIB to participate in the second edition of the Egypt- International Cooperation Forum (Egypt - ICF), to exchange views and participate in discussions with development partners and government representatives, on sustainable development efforts. Al-Mashat also discussed the media partnership launched by the Ministry of International Cooperation with the CNN to promote the country’s development stories.
Al-Mashat reviewed the multi-stakeholder engagement framework, and the efforts to map the official development assistance, estimated at $26 billion, to the UN Sustainable Development Goals (SDGs). The Minister also addressed the Government of Egypt’s efforts to enhance food security over the past years through its expansion of wheat storage silos, including implementing projects with development partners.
The Minister referred to the ambitious projects implemented in Egypt in partnership with the EIB, which could represent a constructive model for replication in Africa through South-South Cooperation. Moreover, H.E. pointed out that the EIB launched a Climate Bank Roadmap 2021 - 2025, aiming to increase its funding for climate action; supporting the green transition and reducing harmful emissions in the EU and the countries it cooperates with.
The cooperation between the Government of Egypt and the EIB covers various sectors, including the production of clean energy and green hydrogen. The ongoing development cooperation portfolio between Egypt and the bank amounted to about €3.5 billion by the end of 2021, including projects in transportation, water and sanitation, energy, environment, small and medium enterprises, and civil aviation.
Al-Mashat, who is also Governor of Egypt at the World Bank Group, is participating in the WBG and IMF Spring Meetings which are being held with physical participation for the first time after being virtually held in 2020 and 2021 due to the COVID-19 pandemic.