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  • Monday, 26 February 2024

H.E. Dr. Rania Al-Mashat Arrives in Luxembourg to Meet the EIB’s New President at the Bank’s Headquarters

● The visit reflects the depth of relations between Egypt and the European Investment Bank. The bank is the largest financier of the private sector among development partners and one of the most prominent multilateral development partners.

Today Morning, H.E. Dr. Rania Al-Mashat, Minister of International Cooperation, arrived in Luxembourg to visit the headquarters of the European Investment Bank (EIB), the financing arm of the European Union and Europe’s Climate Bank for Europe. The EIB is one of Egypt’s largest multilateral development partners, reflecting a long-standing cooperation.

As  this is the Minister’s first visit since the appointment of a new EIB President Nadia Calviño this year, the meeting enhances the role played by the Ministry of International Cooperation in developing joint relations with international and regional institutions and multilateral development banks to support development efforts in Egypt.

Minister Al-Mashat is scheduled to meet EIB President Calviño and the discussions will look into enhancing areas of joint cooperation and future plans for joint efforts within the framework of the bilateral cooperation strategy with the bank for the period from 2021—2027, as well as the common priorities of the Arab Republic of Egypt and the European Union.

Al-Mashat previously visited the headquarters in June 2022, and held several meetings with the former president of the bank in various international and regional forums. This reflects the strength of Egypt’s  joint relations with the EIB. This is especially given that Egypt is the largest country of operations for the bank outside the EU, as well as being the largest international institution financing the private sector in Egypt.

This visit comes after the Minister’s participation in the 10th Egypt - EU Association Council in Belgium where the Ministry launched a detailed report titled “Egypt & Europe: A Shared Development Vision for Progress & Prosperity”, reviewing the  distinguished cooperation with Team Europe initiative from 2020 to 2023. The report features a chapter on the EIB, as one of the main institutions within Team Europe  that shapes the features of cooperation between Egypt and the EU.

The EIB President Nadia Calviño assumed the presidency of the bank at the beginning of this year, succeeding former President. Werner Hoyer. She is the ninth president of the EIB, and the first woman to hold this position. Prior to her leadership of the bank, she held several positions, including Former Deputy Prime Minister of Spain, Former Minister of Economy of Spain, and several other positions in the European Commission.