The Minister of International Cooperation and Governor of Egypt at the European Bank for Reconstruction and Development (EBRD) H.E. Dr. Rania A. Al-Mashat, virtually participated in the EBRD’s 2021 Annual Meetings’ opening and plenary sessions that coincide with the EBRD’s 30th anniversary, to discuss economic recovery and ways to ‘build back better’ post the COVID-19 pandemic, which had significant social, economic, physical and health impacts on the global level. Along with H.E. Al-Mashat, the panel was attended by Tigran Avinyan, Armenia’s Acting Vice Prime Minister and EBRD’s Governor of Armenia; Sardor Umurzakov, Uzbekistan’s Deputy Prime Minister and Minister of Investments and Foreign Trade and EBRD’s Governor of Uzbekistan; and Rishi Sunak UK Chancellor of the Exchequer and EBRD’s Governor of the UK. During the meeting, they discussed building back better economies for the EBRD’s countries of operations, providing support to various development sectors, including the private sector. They also tackled the EBRD’s Climate Ambition Agenda in order to integrate climate change in the countries’ development plans. H.E. Al-Mashat congratulated the EBRD on its 30th anniversary, stating that Egypt is one of its founding members, with a portfolio of more than EUR 4.6 billion across 127 operations, with 80% directed to the private sector. The Minister further stated that one of the silver linings of the COVID-19 pandemic is that it has shown the world the opportunity to build back better and stronger, stressing the importance of inclusive cooperation in order to build a better future. “Multilateralism is essential in order to craft an international cooperation framework,” Al-Mashat added. “In light of building back better, we feel that there is opportunity to rethink multilateralism, which is something we have started to endorse under the framework of Economic Diplomacy, which means that all stakeholders come together to fulfill not just one institution's agenda, but the collective agenda at the global level.” H.E. further mentioned. Al-Mashat stated that the Government of Egypt is making positive strides towards a green recovery, as its mission has not only been to think green but also to act green in all of its development projects in order to help preserve the environment. H.E. added that Egypt has very close partnerships with the EBRD on developing green cities initiatives and endorsing plans towards green recoveries, adding that pushing for gender equality is also one of the top priorities that come within the strategic framework of the EBRD in the upcoming period. President of the EBRD, Odile Renaud-Basso, stated that by 2025, the EBRD aims to make 50% of its investments in the green economy, which is “our ambitious, essential plan for building a better future.” For his part, Rishi Sunak, UK Chancellor of the Exchequer and EBRD’s Governor of the UK, applauded the EBRD’s work throughout the past months and the support it has collectively provided to its countries of operation. “The EBRD is a vital part of the global financial architecture,” he added. Sardor Umurzakov, Uzbekistan’s Deputy Prime Minister and Minister of Investments and Foreign Trade, congratulated the EBRD on its 30th anniversary, praising its strong operational performance in providing support over significant challenges of the COVID-19 pandemic. “I am particularly pleased that the EBRD’s accumulated portfolio of investments has reached more than EUR 2.4 billion within more than 97 projects in Uzbekistan,” H.E. stated, applauding the EBRD’s active engagement in supporting the transition towards a green, low carbon economy. Armenia’s Acting Vice Prime Minister and EBRD’s Governor of Armenia, referred to the COVID-19 solidarity package launched by the EBRD to respond to the impacts of the pandemic. He stated that the EBRD played a vital role in helping countries face the challenges endured in 2020 and 2021, adding that “new realities require rephrasing and reshaping our goals.” Minister Al-Mashat also thanked President Basso for the work she has done over the past few months and applauded the EBRD’s support to the African region, expressing Egypt’s aspiration for the EBRD to expand its investments in the African region. Al-Mashat concluded by welcoming the participation of the United Arab Emirates and Iraq in the EBRD’s meetings. In 2020, Egypt was the EBRD’s largest country of operations in the Southern and Eastern Mediterranean (SEMED) region, accounting for more than €1 billion financing 21 projects; 47% of the bank’s total investments in the region. Egypt was also the largest country of operations for two consecutive years in 2018 and 2019. The current portfolio of cooperation between Egypt and the EBRD amounts to $1.3 billion. Since 2012, the EBRD has invested over €7.2 billion to implement 127 projects.