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  • Saturday, 20 May 2023

During the EBRD Annual Meetings in the presence of the President of Uzbekistan & the President of EBRD: The EBRD Highlights Partnership with Egypt to support Digital Transformation Efforts in the Suez Canal Economic Zone.. In her speech, the EBRD President Refers to the Energy Pillar of the NWFE Program

● Minister of International Cooperation: Digital transformation efforts in the Suez Canal area enhance the region's position as an attractive destination for investments. 

● Minister of International Cooperation: More than 75% of the EBRD’s investments in Egypt are directed to the private sector.. and We are working through the new strategy to increase the bank's investments in the private sector in various fields.

The development cooperation programs and partnerships between the Arab Republic of Egypt and the European Bank for Reconstruction and Development (EBRD) witnessed widespread applause during the bank’s 32nd  annual meetings, held in Samarkand, Uzbekistan. During the meeting, the EBRD presented a film about the digital transformation efforts of the General Authority for the Economic Zone of the Suez Canal, among projects in 4 countries, Uzbekistan, Georgia and Slovakia, during the main session of the bank’s annual meetings, in the presence of H.E. Shavkat Mirziyoyev, President of the Republic of Uzbekistan, Ms. Odile Reno Basu, President of the EBRD, and representatives of 71 member countries of the Bank, along with H.E. Dr. Rania A. Al-Mashat Minister of International Cooperation and Governor of Egypt at the Bank.

This comes in light of highlighting the efforts made by the bank with member countries to promote green financing, advance digital transformation efforts, and reach more inclusive economies, through its investments that exceeded 13 billion euros over the past year, as well as close cooperation with the Government of Egypt, as Egypt is the largest country of operations in the Southern and Eastern Mediterranean region, and increasing the bank’s investments to more than 10 billion euros since 2012 in more than 163 projects.

In the speech of the EBRD President, Renaud-Basso highlighted the partnership with Egypt in implementing the energy pillar within the country  platform for NWFE Program, and the role played by the bank to mobilize blended financing that stimulates the increase of private sector investments in the renewable energy sector in Egypt, pointing to the leadership of country in implementing the platform, which has become a model for country platforms that promote the climate action agenda.

Al-Mashat said that highlighting the efforts of digital transformation in the General Authority for the Economic Zone of the Suez Canal reflects the size of the efforts made in this framework, and confirms the close partnership between Egypt and the EBRD, as well as the leadership of projects implemented in various sectors.

Last February, the Minister witnessed the launch of the second phase of the technical support and digital transformation program for the Suez Canal Economic Zone, which is being implemented within the partnership with  EBRD, and the implementation of the country strategy for the period 2022-2027 that promotes efforts to stimulate the private sector, green transformation, and support inclusive and sustainable growth.

The Minister stated that cooperation with the EBRD, one of the most prominent development partners of the Arab Republic of Egypt, to implement the second phase of the technical support and digital transformation program in the Suez Canal Economic Zone, aims to strengthen the region's position as a center for global investments, and to build on what has been achieved in first  stage. This was successfully completed in 2020, noting that the first phase achieved great progress in terms of accelerating the pace of procedures for investors in the Suez Canal Economic Zone, which enhances the efficiency of the services that are provided, and supports the state’s priorities to transform the region into a major development hub, featuring competitiveness with  investors from all over the world. The second phase aims to simplify administrative procedures and speed up the management of investor services, through a unified and automated window that provides services to investors, and develop an effective, competitive and environment-friendly business environment.

The Minister stated that these efforts reinforce what has been achieved over more than 10 years of relations between Egypt and the EBRD to stimulate the private sector and increase its participation in development efforts. The private sector accounts for more than 75% of the bank's investments in Egypt, pointing to the efforts of digital transformation in the Suez Canal area to enhance the region's role as a destination for attracting global investments in the field of logistics and enhance the country’s  destination as a gateway to the African continent.

H.E. explained that, through the current country strategy, work will be done with the bank to further stimulate the private sector through development funds and technical support efforts, and to increase investments in priority areas.

To watch the video, click here.