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  • Tuesday, 27 February 2024

European Investment Bank President Welcomes Egypt’s Minister of International Cooperation to Luxembourg Headquarters

· EIB President Calviño and Minister Al-Mashat discuss EIB support for business, sustainable transport, energy, food security, public health, green hydrogen and water investment across Egypt and the situation in the Middle East

· President Calviño highlights Egypt as the EIB’s largest country of operation outside Europe

· Minister Al-Mashat confirms EIB as Egypt’s largest international financing partner to the private sector between 2020 & 2023 and thanks EIB for expanding its Cairo regional hub

· New EIB financing for food security, urban transport and growth companies expected in coming months

The European Investment Bank President Nadia Calviño welcomed Rania Al-Mashat, Egypt's Minister of International Cooperation, to the EIB’s Luxembourg headquarters. The working visit and meeting between Minister Al-Mashat and President Calviño provided an opportunity to discuss the European Investment Bank’s financing and technical support for priority investment that improves economic opportunities for millions of Egyptians, helps to address challenges posed by a changing climate, addresses global food and energy shocks and improves public health. 

The visit underscores the deepening collaboration between Egypt and the EIB to foster sustainable development, climate action and economic growth.

“Egypt is a key partner for the European Investment Bank, and I was delighted to welcome Minister Al-Mashat to Luxembourg at our headquarters to explore how we can further deepen our cooperation. Our discussions pave the way for more collaboration in the future reflecting the shared commitment of Egypt and the European Union to promote impactful investments in clean energy, sustainable transport, water and SMEs across the country via Egypt’s NWFE platform and as part of the upcoming EU-Egypt Strategic and Comprehensive Partnership.” said European Investment Bank President Nadia Calviño.

"The European Investment Bank is one of Egypt’s main multilateral development partners, an important member of Team Europe that engages in a wide-ranging portfolio of development projects across vital economic sectors. Over the past 4 years, the EIB has also been leading financing to the private sector through innovative financial arrangements. Moreover, as Egypt is the EIB’s largest country of operations outside of Europe, the bank actively collaborates with other bila¬teral and multilateral development partners to finance and support priority projects. This is most evident in Egypt's Country Platform-NWFE, where the bank is the lead partner in the sustainable transport pillar. Building on the above, the recently launched EIB Global Regional Hub in Cairo provides new opportunities of cooperation. I wish the new President Nadia Calviño a successful and impactful tenure and look forward to working together to strengthen our partnership further," said Egypt’s Minister of International Cooperation, Rania Al-Mashat.

The discussions with Minister Al-Mashat explored how the EIB’s unique financial, technical, environmental and social expertise can support new investment in Egypt and the region to improve livelihoods and enhance economic opportunities. 

Building on 45 years of impact driven investment partnership

The European Investment Bank is one of the largest international financing partners of Egypt and over the last 45 years the EIB has provided more than EUR 15 billion for transformational private and public investment across the country. 

In recent years the EIB has backed venture capital and business investment, clean energy, water improvements and sustainable transport projects across Egypt and is leading the transport pillar of the Nexus of Water, Food and Energy initiative.

The discussions also covered EIB support for future public and private investment and participation in the Egypt-EU investment conference planned in Cairo for later this year.

Backing skilled jobs and climate action

New EIB investment agree last year will help to create skilled jobs, improve access to microfinance in rural areas, and assist Egyptian companies to reducing energy costs, carbon emissions and pollution.

Last November Prime Minister Madbouly, Minister Al-Mashat and EIB Vice President Vigliotti announced the expansion of the European Investment Bank’s presence in Egypt through a new Cairo regional hub covering nine countries headed by Guido Clary.

Background information:

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.