H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Financial Growth and Worldwide Cooperation and Egypt’s Governor on the European Financial institution for Reconstruction and Growth (EBRD), met with H.E. Mr. Mark Bowman, the EBRD’s Vice President, within the presence of H.E. Mr. Mark Davis, the EBRD’s Managing Director for the Southern and Jap Mediterranean (SEMED) area.
The assembly reviewed the present and future collaboration portfolio between Egypt and the Financial institution in financial fields, the availability of technical help in sustainable growth and renewable vitality, and methods to boost funding in non-public sector tasks.
Discussions additionally touched on world financial developments and their impression on growing and rising nations.
Originally of the assembly, H.E. Dr. Rania Al-Mashat emphasised the significance of cooperation between the Arab Republic of Egypt and the EBRD in reaching the Sustainable Growth Targets (SDGs.
H.E. Minister Al-Mashat highlighted the upcoming Annual Conferences and their occasions, which goal to strengthen cooperation between the Egyptian authorities and the Financial institution in numerous fields.
H.E. Dr. Al-Mashat expressed appreciation for the strategic relations between the Ministry of Planning, Financial Growth and Worldwide Cooperation and the Financial institution, which have confirmed profitable in driving financial growth in Egypt.
H.E. Minister Al-Mashat famous that since 2012, Egypt has change into a rustic of operations for the EBRD, contributing to the implementation of over 194 funding tasks throughout numerous financial sectors. Investments exceeding €13 billion have been injected, with over 80% directed in the direction of supporting the non-public sector, highlighting its very important position in reaching sustainable progress.
H.E. Dr. Al-Mashat reiterated that the present authorities is working to strengthen macroeconomic stability efforts and proceed implementing structural reforms that stimulate the non-public sector and create a good funding and enterprise setting. The federal government additionally intends to proceed with the providing program to maximise returns on state-owned belongings.
H.E. Minister Al-Mashat identified that the EBRD’s investments throughout the previous 12 months mirror the Financial institution’s important confidence within the Egyptian economic system and the attractiveness of native and overseas non-public sector firms for exterior financing, in addition to the success of the state’s efforts, significantly on the stage of structural reforms within the renewable vitality sector. This has enabled the Financial institution, as a key companion within the vitality pillar of the “NWFE” program, to draw progressive financing for quite a few tasks.
H.E. Dr. Al-Mashat indicated that throughout the previous 12 months, Egypt efficiently maintained its place as the biggest nation of operations for the Financial institution within the SEMED area for the seventh consecutive 12 months, with €1.5 billion invested in 26 tasks, 98% of which went to the non-public sector, and about 50% of which was directed in the direction of inexperienced financing. This displays Egypt’s rising curiosity in inexperienced transition and supporting renewable vitality tasks.
Throughout the assembly, the 2 sides reviewed joint tasks between Egypt and the Financial institution, together with the Robiky/tenth of Ramadan railway connection challenge, which is taken into account a strategic challenge aimed toward enhancing the transportation community in Egypt, and the Egypt Tasks Preparation Facility (EPPF), which incorporates getting ready feasibility research and offering technical help for the event of future funding tasks.
The assembly additionally mentioned partnership frameworks, contemplating the Financial institution as the principle growth companion inside the vitality pillar of the “NWFE” program.
H.E. Dr. Rania Al-Mashat expressed gratitude to the Financial institution for its steady help for Egypt’s efforts on this area. She additionally affirmed Egypt’s help for the EBRD’s efforts to develop in Sub-Saharan Africa.
Distributed by APO Group on behalf of Ministry of Planning, Financial Growth, and Worldwide Cooperation – Egypt.
