Egypt and the European Bank for Reconstruction and Development (EBRD) have been collaborating for years to support development initiatives in Egypt. During a discussion session at the EBRD’s annual meetings in Armenia, Dr. Rania Al-Mashat, Minister of International Cooperation, highlighted the progress made in this partnership. She stressed that Egypt’s strong partnership with the bank dates back to 2012, leading to an investment portfolio of approximately 12 billion euros in 178 projects, with over 80% of these funds directed toward the private sector.
The Minister emphasized the significance of the European Bank’s investments in Egypt being focused on the private sector, aligning with the country’s priorities to enhance private sector involvement in development initiatives, support small and medium enterprises, and empower women entrepreneurs. In the past year alone, the bank invested 1.3 billion euros in 16 projects, with 96% of the funds allocated to the private sector.
Dr. Al-Mashat also discussed Egypt’s collaboration with the EBRD in implementing renewable energy projects within the national platform of the “Novi” program. She highlighted efforts to mobilize investments and financing for projects that aim to generate 10 gigawatts of renewable energy and replace traditional power stations. The meeting also explored expanding the bank’s work to include more member states, particularly in Africa, to support development endeavors globally.
The Minister emphasized that establishing an institutional framework for tripartite cooperation between the bank, member states, and developing countries is essential for maximizing the benefits of development initiatives and fostering knowledge-sharing for mutual project success.
In addition to this collaboration, Dr. Al-Mashat announced that an investment conference with
