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  • Friday, 19 May 2023

Minister of International Cooperation and Governor of Egypt at the EBRD H.E. Dr. Rania A, Al-Mashat Meets Bank Leaders to Discuss Strengthening Joint Cooperation & Future Projects

● The Minister of International Cooperation is discussing with the heads  of the EBRD  the preparation of a number of events and workshops stimulating the private sector in Egypt. 

● The EBRD congratulates the Minister of International Cooperation on her election as Vice-Chairman of the Bank's upcoming annual meetings, in appreciation of her role in the current session and the close relations with Egypt

Within the activities of the annual meetings of the European Bank for Reconstruction and Development (EBRD), which were held in Samarkand, Uzbekistan, Dr. Rania A. Al-Mashat, Minister of International Cooperation and Governor of Egypt at the EBRD, met with bank heads to discuss areas of joint cooperation and enhance future cooperation in light of the state’s priorities and the country’s strategy between the two countries for 2022-2027.

The Minister met with Mr. Jürgen Regeterink, Senior Vice-President of the European Bank for Reconstruction and Development, Kazuhiko Koguchi,, Secretary General of the Bank, Ms. Nandita Parshad, Director of the Infrastructure Group of the Bank, Mr. Harry Boyd-Carpenter, Managing Director of Climate Strategy at the Bank, and Mr. Thomas Ostros , Managing Director of the Bank's Financial Institutions.

The Minister stressed the importance of the annual meetings of the bank, and the decisions issued by the Board of Directors to expand the scope of its operations, in addition to the importance of the decisions taken to expand the scope of investments in Iraq and sub-Saharan Africa, which coincide with global discussions to reform multilateral development banks to expand support for developing countries. and emerging economies.

H.E. discussed with officials of the EBRD ways to expand the bank’s investments in the agricultural and industrial sectors in Egypt, and stimulate the private sector’s contribution to these projects, as well as the ongoing efforts to expand the participation of the private sector in the energy pillar within the country  platform for NWFE program.

The Minister also discussed, with the EBRD, the preparation of a group of events, forums and specialized workshops in order to stimulate the private sector and promote investments.

H.E. applauded the efforts made by the EBRD to sign contracts to implement the first projects within the energy pillar of the NWFE  program with the private sector, stressing the government's keenness to expand the participation of the private sector in development due to its vital role in achieving  comprehensive and sustainable growth.

Moreover, H.E. added that encouraging private sector investments through international cooperation aims to accelerate progress towards the transition to a green economy, pointing out that the Ministry of International Cooperation is working to achieve this through the nexus of water, food and energy projects, and cooperation with all development partners, including the EBRD, the energy pillar lead partner.

Officials of the EBRD  congratulated the Minister of International Cooperation on her election as Vice-President of the upcoming annual meetings of the bank, and expressed their appreciation for her role as Governor of Egypt, in supporting the announcement of experiences and development projects undertaken by the state in a way that enhances South-South cooperation and demonstrates Egypt’s development experience. 

It is worth noting that a financial agreement was signed for the project to establish a new wind farm - located near Ras Ghareb in the Gulf of Suez region - with a capacity of 500 megawatts, and investments of $680 million, between the “Red Sea Wind Energy” alliance and a group of banks and international financing institutions, the “Orascom Construction” company is carrying out the civil and electrical works for the wind farm, and the financing of the project is managed by the Japan International Cooperation Bank (JBIC) in coordination with the Sumitomo Mitsui Banking Company, Norinchukin Bank, and Societe Generale SA under coverage by Nippon Export and Investment Insurance (NEXI), and the EBRD.

The energy pillar within the national platform for green projects, the NWFE program, aims to convert power plants that run on thermal energy into renewable energy, through the implementation of wind energy projects with a capacity of 10 gigawatts to replace thermal fuel stations with a capacity of 5 megawatts, in light of the national strategy for sustainable energy, through which the country seeks to switch to clean energy, saving about 5.25 million tons of carbon dioxide emissions annually.

It is worth noting that the ministry launched the joint country strategy with the EBRD for the period 2022-2027, in early 2022, which works to enhance development efforts and stimulate the private sector, through three axes: Promoting a more inclusive economy for Egyptian businesses, women and youth, Accelerating Egypt’s green economy transition, and Enhancing the country’s competitiveness by supporting private-sector growth and strengthening governance.