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  • Friday, 19 May 2023

During the Annual Meetings of the European Bank for Reconstruction and Development (EBRD) in Uzbekistan, Minister of International Cooperation and Governor of Egypt at the EBRD, H.E. Dr. Rania A. Al-Mashat, met German & French government officials and the European Investment Bank (EIB).

Al-Mashat discusses strengthening bilateral cooperation and coordination with the German and French sides to enhance the role of multilateral development banks

Taking advantage of the diagnostic reports issued by the EIB and technical support services to enhance the participation of the private sector in development

Minister of International Cooperation and Governor of Egypt at the EBRD, H.E. Dr. Rania A. Al-Mashat, met with the heads of delegations of the German and French governments, and the EIB, on the sidelines of the annual meetings of the EBRD, which were held in Samarkand, Uzbekistan.

Al-Mashat discussed strengthening bilateral cooperation with the German and French sides, and joint coordination with regard to strengthening the role of multilateral development banks and discussing ways to increase funds and investments directed to Egypt. In this regard, the Minister thanked the delegations of the German and French governments for their support for the partnerships that Egypt undertakes with the bank through their membership of the Board of Directors.

They also discussed building on the pioneering Egyptian experience with regard to launching the "NWFE" program, issuing the Sharm El-Sheikh Guidebook for Just Financing, transferring experiences to other member countries of the bank, and discussing ways to enhance joint cooperation in the field of improving the investment and business climate and enhancing the participation of the private sector in development.

Al-Mashat met with Elke Kallenbach, Director of EIB and representative of the Federal Ministry of Finance in Germany, where they discussed bilateral cooperation between the Arab Republic of Egypt and the Federal Republic of Germany, and joint efforts to enhance cooperation in implementing the energy pillar within the "NWFE" program, based on the political declaration announced by the United States of America, Germany, and Egypt, in which Germany pledged to provide development finance  to support the projects of the energy pillar  of the program, including debt swaps.

The Minister confirmed that the joint political declaration of Egypt, Germany and the United States is an international affirmation of the role of the "NWFE" program as a country platform that promotes efforts to transition to a green economy and stimulates the climate action agenda, pointing out that the German government has pledged to provide soft development funds, grants and debt swaps in the amount of €258 million.

Last March, the first meeting of the Joint Higher Steering Committee for cooperation between Egypt and Germany in the field of energy and green hydrogen was held, which aims to build on the existing cooperation in generating renewable energy and the declaration of intent signed last November between the two sides.

On the other hand, Al-Mashat met with Muriel Lacoue, head of the French delegation, at the EBRD annual meetings, where the two sides discussed ways to enhance bilateral cooperation between Egypt and France, noting the depth of cooperation between the two countries in various fields, and on all aspects, and the role of this partnership in supporting the country's development efforts through soft development funds, in vital sectors such as transport, infrastructure, food security, and others, noting that the distinguished bilateral relations resulted in the announcement of the joint Country Partnership with the French Development Agency until 2025, which contributes to It plays a vital role in supporting the projects of the energy and transportation pillars  in the "NWFE" program.

In a another context, Al-Mashat met with Thomas Östros, representative of the EIB, in the Board of Governors of the EBRD, where the meeting discussed the ongoing partnerships between Egypt and the EIB in light of the country's development priorities, and the bank's role in stimulating the sector's participation private sector projects in the "NWFE" program, as well as the "NWFE +" program, which includes sustainable infrastructure projects in the transportation sector, and strengthening partnership between the government and private sectors. Al-Mashat stressed the importance of enhancing the scope of cooperation with the bank, especially in the sectors of food security, green transformation and environmentally friendly projects, and expanding the financing available to the private sector.

Al-Mashat discussed with officials of the EIB building the bank's diagnostic reports to support the Egyptian economy and enhance the private sector's contribution to development.