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  • Tuesday, 16 May 2023

H.E. Dr. Rania A. Al-Mashat, Minister of International Cooperation, meets with the Vice President of the European Investment Bank (EIB) to Discuss Strengthening Joint Cooperation

H.E. Dr. Rania Al-Mashat, Minister of International Cooperation, held a meeting with Gelsomina Vigliotti, Vice President of the EIB, during her visit to Egypt to discuss strengthening joint cooperation with the government and meeting many representatives of national authorities, in light of the strategic relations with the EIB, the financing arm of the European Union (EU).

The meeting witnessed discussions on future cooperation projects between the government and the EIB, especially in the environment and food security sector, and the contribution of the EIB to the implementation of the projects of the Nexus for Water, Food and Energy, the “NWFE” program. Al-Mashat applauded the fruitful cooperation with the bank over the past period, especially in 2022, which witnessed the implementation of many cooperation and partnership programs at the level of the government and private sectors.

H.E. also referred to the agreement recently signed between the EIB and the Bank of Alexandria, at a value of $15 million, to contribute to the renewable energy financing plan and raise the efficiency of its use within the framework of the green economy financing program in Egypt, and to accelerate the pace of economic modernization and environmental sustainability through green investments directed by Egyptian companies.

During the meeting, Al-Mashat stressed the importance of the efforts made with the EIB to finance the private sector in Egypt, as the development funds made available by the bank to the private sector over the years 2020, 2021 and 2022 amounted to about €2.36 billion in various fields of development. H.E. pointed out that the upcoming period will witness more cooperation in light of the efforts made by the Government of Egypt  to empower the private sector and increase its role in achieving comprehensive and sustainable development.

The ongoing development cooperation portfolio between Egypt and the EIB records about €3.5 billion in the form of soft development financing and grants, through which 16 projects are being implemented in the fields of transportation, community development, water and electricity stations, renewable energy, environment and infrastructure.