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  • Monday, 17 April 2023

Minister of International Cooperation Meets the Presidents of the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD) during the Spring Meetings in Washington.

● Al-Mashat discusses with the EBRD the next steps to implement the energy pillar within the "NWFE" program and expansion mechanisms to support the private sector.

● €2.3 billion in financing from the EIB for the private sector over three years.

H.E. Dr. Rania A. Al-Mashat, Minister of International Cooperation and Governor of Egypt at the World Bank Group (WBG), met Werner Hoyer, President of EIB, and Odile Renaud-Basso, President of EBRD, as part of their bilateral meetings and activities during their participation in the World Bank and International Monetary Fund (IMF) 2023 Spring Meetings in Washington.

European Investment Bank

During the meeting with the President of EIB, the Minister applauded  the fruitful cooperation with the bank over the past period, especially in 2022, which witnessed the implementation of many cooperation and partnership programs at the level of the government and private sectors, in addition to the partnership in the Nexus for Water, Food and Energy platform, the "NWFE" program. 

During the meeting, Al-Mashat stressed the importance of the efforts made with EIB to finance the private sector in Egypt, as the development finance made available by the bank to the private sector over the years 2020, 2021 and 2022 amounted to about €2.36 billion in various fields of development, pointing out that the upcoming period shall witness more cooperation in light of the efforts made by the Government of Egypt  to empower the private sector and increase its role in achieving comprehensive and sustainable development.

They also discussed the contribution of the EIB in many projects included in the Nexus for Water, Food and Energy platform, the "NWFE" program - under the umbrella of the National Strategy for Climate Change 2050 - to enhance green transformation efforts in Egypt, as the EIB supports a number of projects in the field of adaptation and mitigation of climate change, the implications of climate change, water desalination plants, and the promotion of climate-smart agriculture.

In this regard, Al-Mashat drew attention to the role that the EIB can play in mobilizing mixed finance that stimulate the private sector to participate and inject investments in projects included in the program, in addition to technical support programs.

The ongoing development cooperation portfolio between Egypt and the EIB records about €3.5 billion in the form of soft development financing and grants, through which 16 projects are being implemented in the fields of transportation, community development, water and electricity stations, renewable energy, environment and infrastructure.

European Bank for Reconstruction and Development

In another context, Al-Mashat met with Odile Reno-Basso, President of EBRD, where they touched on developments in the implementation of the energy pillar within the NWFE program -in which the EBRD is the lead partner in the energy pillar. The Minister applauded the efforts made in cooperation between technical teams from relevant entities to sign the first projects within the program to implement a new wind farm near Ras Ghareb, in the Gulf of Suez, with a capacity of 500 MW, in partnership with the private sector and international financing institutions.

During the meeting, they explored various financial tools to attract private sector investments through credit lines for commercial banks, and the expansion of innovative financing tools that stimulate private sector participation in development. In addition, the meeting looked into preparations for holding the annual meetings of the EBRD scheduled for May in Samarkand, Uzbekistan.

Egypt is one of the founding members of the EBRD, and it became a full-fledged operations country in 2012. Since then, the bank has contributed to supporting development efforts in Egypt by investing more than €10 billion through 160 financing projects and operations, more than 76% of which are for the private sector, and serves the portfolio in the financial sector by 24%, industry, trade and agribusiness sector by 24%, and sustainable infrastructure by 53%.

Under the theme “The Way Forward: Building Resilience and Reshaping Development,” Al-Mashat is participating in the World Bank and IMF Spring Meetings, along with the participation of central bank governors, finance ministers, development partners, senior officials from the private sector, philanthropic organizations and academic, to discuss issues of global concern.