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Egypt, EBRD discuss joint cooperation within new strategy

Egypt, EBRD discuss joint cooperation within new strategy
International Cooperation Minister Rania El-Mashat and EBRD President Odile Renaud-Basso

Cairo – Mubasher: The Egyptian Minister of International Cooperation, Rania El-Mashat, met with the European Bank for Reconstruction and Development (EBRD) President Odile Renaud-Basso to discuss cooperation within Egypt’s priorities and the bank’s new strategy.

El-Mashat, the Governor of Egypt at the EBRD, discussed with the EBRD President the framework of the bank’s new 2021-2025 strategy, and the proposed topics for the upcoming annual meetings.

The Ministry of International Cooperation wants to strengthen and develop economic cooperation with multilateral and bilateral development partners, follow-up on the ongoing portfolio of projects, and continuously coordinate between relevant entities to ensure achieving desired results across all development projects.

During the virtual meeting, El-Mashat affirmed the Government of Egypt’s support for the EBRD’s strategy that is aimed at combating climate change and promoting a green economy and expressed that Egypt is taking extensive measures to achieve a green and sustainable recovery by developing strategies to both combat and mitigate the impact of climate change.

There are many opportunities for cooperation between Egypt and the EBRD to implement projects that address climate change in the country, as these projects would represent an important aspect in Egypt’s 2030 Vision, according to the minister.

These areas include catalysing the launch of smart cities, the coastal areas protection policies, and the promotion of agricultural development.

The EBRD’s 2021-2025 strategy, approved last October, is based on three pillars, namely supporting the transition to a green economy and promoting environmental sustainability; promoting equal opportunity through access to skills and employment for women and young people; and accelerating the digital transition.

The EBRD is supporting countries as they recover from the COVID-19 pandemic, with plans to expand its efforts to Africa in the coming period, according to Renaud-Basso.

In 2020, Egypt was the EBRD’s largest country of operations in the Southern and Eastern Mediterranean (SEMED) region, accounting for more than EUR 1 billion in 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 EUR 7.2 billion to implement 127 projects.