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Egypt's El-Mashat meets with EIB President during WEF 2023

Egypt's El-Mashat meets with EIB President during WEF 2023
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Cairo – Mubasher: Egypt's Minister of International Cooperation Rania El-Mashat noted the fruitful cooperation with the European Investment Bank (EIB) in stimulating the private sector participation and in supporting Egypt’s green transition during her meeting with the EIB President Werner Hoyer, during the World Economic Forum (WEF) Annual Meeting 2023 in Davos, Switzerland.

During their meeting, the two officials discussed the bilateral cooperation over the course of 2022, at the level of various development cooperation efforts and in meeting national development priorities, according to a recent press release.

This includes Egypt’s Country Platform for the Nexus of Water, Food and Energy NWFE Program, and the NWFE+ Program which promotes the mobilisation of blended finance mechanisms and stimulates private sector engagement in implementing green projects within the transport sector.

Furthermore, El-Mashat referred to the efforts made with the EIB in light of stimulating the participation of the private sector through development cooperation. In 2022, the bank provided development financing of EUR 15 million to the Bank of Alexandria, and EUR 500 million to Banque Misr and the National Bank of Egypt (NBE).

Moreover, the officials discussed future projects within the framework of the development cooperation efforts in several sectors, including sustainable green industries, food security, technical support and training, and mobilising support for the NWFE Program.

The WEF 2023 Annual Meetings in Davos was held under the theme "Cooperation in a Fragmented World", with the participation of several heads of state, heads of government, ministers, and major private sector companies.