Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat stressed the importance of joint work with the EBRD to support the Government of Egypt’s efforts in implementing major national projects and in hosting the United Nations Climate Change Conference.
The EBRD VP for Policy and Partnerships Mark Bowman: “We will continue to increase investments to enhance the participation of the private sector in development and to strengthen economic governance.” The Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat met with a delegation from the European Bank for Reconstruction and Development (EBRD) headed by Mark Bowman, the bank’s Vice President for Policy and Partnerships, in the presence of the bank’s Managing Director for the Southern and Eastern Mediterranean (SEMED) region Heike Harmgart, the Managing Director, Green Economy and Climate Action (GECA) Harry Boyd-Carpenter, the Head of Egypt Khalid Hamza, the Head of Infrastructure for Turkey, Middle East & Africa Sue Barrett, and the Director of Gender and Economic Inclusion, Barbara Rambousek. Egypt was the largest country of operations for the EBRD in the SEMED region in 2018, 2019, 2020 and 2021, reflecting in development across priority sectors.
Al-Mashat and the EBRD discussed areas of cooperation within the framework of the new 2022- 2027 Country Strategy, and the upcoming COP 27 in Sharm El-Sheikh. The EBRD is one of Egypt’s key multilateral development banks, contributing to advancing national development efforts through development financing secured to the public and private sectors; pushing Egypt’s transition to a green economy forward, whilst implementing national projects across different sectors.
The Minister shared that the coming period will witness more areas of cooperation with the EBRD within the framework of the new 2022 - 2027 Country Strategy, to meet the country’s development priorities in different sectors; also in line with the National Climate Change Strategy 2050, and with Egypt’s Vision 2030. Al-Mashat added that the Ministry is working in coordination with national entities and the EBRD to implement the new strategy, and to follow-up on its agreed upon pillars to achieve the maximum benefit from development cooperation, to accelerate progress towards sustainable economic growth, to enhance competitiveness, and to stimulate the role of the private sector; all in line with presidential directives. The Minister also stressed the importance of joint work with the EBRD, as one of Egypt’s key multilateral development partners in light of the state’s efforts to implement major national projects, and in light of hosting the COP27 this year.
Al-Mashat elaborated that by hosting the COP27 this year, this enhances Egypt’s position on the international and regional levels in leading the green transformation efforts, especially after launching the National Climate Change Strategy 2050; opening the door to more opportunities for cooperation and coordination with development partners and International Financial Institutions (IFIs) in moving forward with development and innovative financing.
The Minister indicated that the Government of Egypt is committed to addressing climate action, particularly through a shift towards a green and sustainable economy, and by preserving environmental and natural resources, noting that the Ministry of Environment, and all relevant national entities are cooperating with development partners to combat climate change, and to prepare national reports on efforts being made. Al-Mashat said that there are many opportunities for cooperation on the international level, especially across the African continent, including partnerships with international banks, multilateral institutions, government entities, and the private sector in Egypt, to promote climate finance, and to advance state efforts in achieving a sustainable, environmentally-friendly development. The Minister also emphasized the importance of innovative and blended finance mechanisms in promoting green economic growth. For his part, Mark Bowman, the EBRD’s Vice President for Policy and Partnership expressed his happiness with the launch of the new country strategy, to contribute to achieving economic development and the green transformation, adding that “by implementing the new strategy, the EBRD will continue to increase its investments, pushing for greater private sector participation in development, and strengthening economic governance.” The launch of the strategy was announced in an event organized by the Ministry of International Cooperation, including the participation of all relevant entities from the government, the EBRD, the private sector, the parliament, and civil society; all within the framework of directives of H.E. President Abdel Fattah El-Sisi, to achieve maximum benefit from international partnerships and development financing, and to strengthen multilateral cooperation to implement Egypt’s Vision 2030. The launching ceremony was attended by H.E Amb. Sameh Shoukry, Minister of Foreign Affairs, H.E. Dr. Mohamed Shaker El-Markaby, Minister of Electricity and Renewable Energy, H.E. Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources, H.E. Dr. Khaled El Anani, Minister of Tourism and Antiquities, H.E. Dr. Yasmine Fouad, Minister of Environment, Lieutenant-General Kamel El Wazir, Minister of Transport, H.E. Nevin Gamea, Minister of Industry and Trade, and the European Bank for Reconstruction and Development delegation headed by Mark Bowman, Vice President of the Bank for Policy and Partnerships. From the private sector, the ceremony included the participation of Reham El-Beltagy, Group Chief Financial Officer (CFO) at Orascom, Pakinam Kafafi, CEO of TAQA Arabia, Marwa Ahmed, founder of Dallah Misr, Ahmed El-Dakrouri, CEO of Falak Startups, and Mahmoud El-Saeed, founder of Wasla.