• Dr. Rania: We have made significant progress in enhancing renewable energy investments in cooperation with the European Bank since the COP27 Climate Conference
• Over $4.5 billion in concessional financing for the private sector to implement renewable energy projects with a capacity of 5.2 GW out of a total 10 GW targeted under the “NWFE” Program
• We are cooperating with the European Bank to provide technical assistance to accelerate the rollout of public-private partnership projects
• Through the “Egypt’s Narrative for Economic Development,” we are continuing the path of economic reform and transitioning towards an economic model that focuses on productivity and the real economy sectors.
• Redefining the role of the State in the economy and an indicator to monitor the implementation of the State Ownership Policy Document to create further opportunities for the private sector.
H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Egypt's Governor at the European Bank for Reconstruction and Development (EBRD), met with Ms. Odile Renaud-Basso, President of the European Bank for Reconstruction and Development, to discuss the current and future cooperation portfolio between Egypt and the Bank, with the aim of strengthening the strategic partnership and supporting development projects across various sectors, during her participation in the Global Gateway Forum held in the Belgian capital, Brussels.
H.E. Dr. Rania Al-Mashat expressed her deep appreciation for Ms. Odile’s continued support for the Egyptian government, praising the Bank’s active role as a key development partner within the energy pillar of the country platform for the “NWFE” Program, explaining that since 2012, Egypt has become an operational country, resulting in investments exceeding €13.5 billion across 206 projects, more than 80% of which were directed to the private sector.
H.E. pointed out that in 2024, Egypt maintained its position as the bank's largest Country of Operations in the Southern and Eastern Mediterranean (SEMED) region for the seventh consecutive year, with €1.5 billion invested in 26 projects that supported the State’s efforts to advance green finance and promote private sector participation.
The Minister highlighted that the “NWFE” Program succeeded in mobilizing concessional financing for renewable energy projects in the private sector, securing a total of $4.5 billion for clean energy projects, which enabled the private sector to develop renewable energy projects with a total capacity of 5.2 GW, reflecting Egypt’s success in attracting private investment through the implementation of structural reforms, out of a total of 10 GW under the program. In this regard, both sides discussed preparations for the COP30 Climate Conference and related events to showcase Egypt’s progress in its green transition journey since 2022.
Al-Mashat emphasized the importance of the recently signed mechanism with the Ministry of Finance, through which the EBRD provides support to accelerate the rollout of public-private partnership (PPP) projects.
In a related context, Al-Mashat reviewed the executive summary of the “Egypt’s Narrative for Economic Development,” through which the State seeks to continue the path of economic reform and take advantage of the advanced infrastructure that supports manufacturing and exports, in order to transition towards a productivity-centered economic model focused on real economy sectors.
H.E. also underscored that redefining the role of the State in the economy and empowering the private sector constitute a key pillar of the new economic model, with the government seeking to launch an index by the Information and Decision Support Center (IDSC) to implement the State Ownership Policy Document, thereby creating further opportunities for private sector. In this regard, Al-Mashat discussed the progress achieved in implementing the State Ownership Policy Document and the Government’s privatization program.
The Minister reaffirmed the Government’s commitment to maintaining a defined annual ceiling for external borrowing in line with fiscal sustainability standards and the safe limits, set by international institutions, emphasizing that the restructured Public Debt Committee, chaired by H.E. Prime Minister Dr. Mostafa Madbouly, monitors compliance with these limits on a regular basis to ensure sound and sustainable management of external debt.