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June 29, 2022


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Egypt cooperates with “European bank” to support investment

Dr. Rania El-Mashat, Minister of international cooperation and Governor of Egypt at the European bank for reconstruction and development, received representatives of the bank’s Board of directors, where the meeting witnessed a review of the results of the 6-day visit.

The minister witnessed intensive meetings, visits and consultations of the board of directors with representatives of national authorities, the private sector, the business community, development partners, and civil society.in addition, the bank’s officials inspected a number of projects for which the Bank contributed in providing financial and technical support to both the private and public sectors.

During the visit, the delegation of the board of Directors of the European bank met with His Excellency Prime Minister Dr. Mustafa Madbouly, and also held meetings with a number of ministries and government bodies such as the Ministry of transport, the Central Bank of Egypt, the Suez Canal Economic Zone, and inspected development projects such as the aboukair Metro in Alexandria governorate, the new administrative capital, the Al-Suwaidi Technical Academy, the Grand Egyptian Museum, and other projects.

Egypt is a founding member of the bank, according to the minister of international cooperation, pointing to the continuous development of joint relations since 2012, when Egypt turned into a fully operational country, which contributed to the increase in the volume of investments for the public and private sectors of more than 12 billion euros in 174 projects, more than 80% of these funds were directed to the private sector.

Al-Mashat stressed that the government is working to strengthen its relations with the international community to advance development efforts, and that development cooperation relations are based on a clear commitment from the state and credibility in dealing with development partners, pointing to the ongoing structural reforms carried out by the state to create an investment climate since 2014, which contributed to the implementation of major development projects.

In another context, the minister of international cooperation pointed to Egypt’s success in signing the Ras Al-Hikma city development project in cooperation with the UAE, which reflected positively on the Egyptian economy, and that the government is moving forward to overcome the challenges faced by the Egyptian economy.

The minister of International Cooperation stressed that in light of the development efforts undertaken by the state in various fields and the keenness to strengthen international partnerships with multilateral and bilateral development partners to support the state’s priorities at the level of green transformation, sustainable infrastructure, and investment in human capital, the European bank is a major development partner at that stage through the Qatari strategy 2022-2027, which works to strengthen the role of the private sector, support resilience and flexibility, and promote inclusive and sustainable economic growth.

The delegation of the European bank made an inspection tour of the Suez Canal Economic Zone to identify the investment opportunities available in the region, where it inspected the Egypt green hydrogen plant, which was funded by the European bank two years ago, and exported the first shipment of green ammonia in the world last November, the factory of the Egyptian company for Basic Industries epic, and the port of Sokhna, which is witnessing many development works to be the most important port on the Red Sea.

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