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  • Monday, 24 March 2025

House of Representatives Approves Amendment to EBRD's Establishment Agreement to Expand Into Sub-Saharan Africa and Iraq

“Al-Mashat”: Expanding the Bank’s Operations Supports Triangular and South-South Cooperation and the Exchange of Development Experiences Between the Countries of Operations

The House of Representatives approved in its plenary session, held today, the decision of the President of the Arab Republic of Egypt No. 70 of 2025 approving the decisions of the Board of Governors of the European Bank for Reconstruction and Development (EBRD) No. 259 and 260 on "amending the EBRD's establishment agreement to enable the geographical expansion of the bank's operations in sub-Saharan Africa and Iraq, and removing legal restrictions on capital for regular operations."

H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Egypt's Governor at the European Bank for Reconstruction and Development (EBRD), explained that Egypt supports the expansion of the EBRD's operations in sub-Saharan Africa and Iraq.

H.E. added that Egypt is one of the EBRD's largest countries of operations globally and the largest country of operations in the South and Eastern Mediterranean region, noting that expanding the bank's operations in Africa and Iraq strengthens South-South and triangular cooperation between Egypt and these countries, which supports efforts to exchange expertise and development experiences.

The Governor of Egypt at the European Bank for Reconstruction and Development stated that Egypt is the EBRD's largest country of operations in the South and East Mediterranean region. Since the Bank began its investments in Egypt in 2012, €13.8 billion has been invested in 194 projects, 86% of which are for the private sector, equivalent to €11.8 billion.

Al-Mashat noted that the framework for the country strategic partnership with the European Bank for Reconstruction and Development (EBRD) is currently being implemented for the period 2022/2027, which aims to support the state's efforts to achieve comprehensive and sustainable economic growth, accelerate the green transition, increase economic competitiveness, and improve the business environment for the private sector.