The Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat held a virtual meeting with Vice Presidents of the European Investment Bank (EIB) Ambroise Fayolle and Gelsomina Vigliotti, to discuss joint cooperation in the context of Egypt’s preparations ahead of the United Nations Climate Change Conference (COP 27), and to promote development cooperation in the green transformation.

The meeting was attended virtually by a number of the EIB’s representatives including: Director of Operations, Flavia Palanza; Senior Advisor to Vice President Ambroise Fayolle, Adrien de Bassompierre; Assistant to Vice President Gelsomina Vigliottie, Jacopo Andrea Lambri; Co-Coordinators for COP27 Christelle Jolivet and Kristyna Pelikanova; Head of Division of Operations, Kristina Kanapinskaite; Head of Unit of Operations, Lars Anwandter; Head of Unit of Operations, Eefje Schmidt; Policy Officer, Yohann Chaigneau; and Senior Officer of the Bank’s Climate Office, Daniel Farchy. Attending from the Ministry’s headquarters was also the Regional Representative and Head of Cairo Office Alfredo Abad. The meeting included discussions on a number of joint cooperation files between Egypt and the EIB, particularly COP27 and the bank’s cooperation in the global climate conference. This is especially in light of the EIB’s Climate Bank Roadmap 2021-2025 which aims to increase its level of support to climate action and environmental sustainability to exceed 50% of its overall total development financing, in support of the transition to a climate neutral, climate-resilient and sustainable economy. The meeting also looked into future development cooperation opportunities in 2022 to advance green transformation efforts in Egypt. The meeting also discussed the preparations made by the Ministry of International Cooperation in coordination with the EIB regarding the Director of Operations, Flavia Palanza’s high-level visit to Cairo, towards the end of March 2022. Palanza’s last visit will include an accompanying delegation and Lionel Rapaille, the new Director of the Neighboring Countries Department who will assume his duties from April 2022. Al-Mashat explained that Egypt is working to advance climate action efforts regionally and internationally through its presidency of COP27, while strengthening national efforts in the country’s green transformation through adaptation and mitigation projects across sectors including energy, transportation, agriculture, and environment. Through the implementation of these mega projects, there is also a commitment to stimulating and encouraging the participation of the private sector, thus increasing innovative and blended finance. The Minister referred to the importance of considering the unprecedented challenges currently facing the world, particularly in developing and emerging economies, hence emphasizing the need to strengthen multilateral cooperation to accelerate progress towards the global development goals, climate action, and the green transformation. Al-Mashat also shared the ongoing discussions with multilateral and bilateral development partners in setting innovative financing frameworks to enhance blended finance, to ensure project risk reduction tools, and to stimulate the participation of the private sector in mitigation and adaptation projects; emphasizing the importance of strengthening cooperation in establishing a framework that enhances climate action to be presented at COP27. The Minister stressed that climate action and strengthening efforts to achieve a green transformation requires moving the global commitments from pledges to implementation, so as to provide the necessary funds to implement on-ground projects via cooperation with multilateral development banks and the private sector. Al-Mashat also pointed out the need to set clear criteria for the participation of women in climate action as key players in implementing development efforts. The EIB’s officials affirmed the bank’s readiness to cooperate with Egypt in light of the country’s presidency of COP27. Through the EIB Climate Roadmap 2021 - 2025, they explained that the bank aims to increase its support in financing climate action, and reducing harmful emissions within the European Union and with the countries with which it cooperates. The EIB’s representatives explained that the bank is working on implementing several pillars that will promote the green transformation through adaptation projects, and by mitigating the repercussions of climate change. The EIB indicated that there are many potential areas of cooperation that can be strengthened with Egypt such as, the production of clean energy and green hydrogen. This is within the framework of cooperation between multilateral banks to enhance joint measures combating climate change. The Ministry of International Cooperation is currently working on preparing the new strategy 2022 - 2027. It is worth noting that the ongoing development cooperation portfolio between Egypt and the EIB amounted to about €3.5 billion by the end of 2021, dedicated to various development projects in the transport, water and sanitation, energy, environment, small and medium enterprises and civil aviation sectors.