Egypt’s Ambassador to the UK Tarek Adel held a video meeting with European Bank for Reconstruction and Development (EBRD) President Odell Reno-Paso on the occasion of her upcoming visit to Cairo.
The meeting addressed the extended cooperation between Egypt and the EBRD, and ways to strengthen the Bank’s projects in the areas of priority in the coming period.
These come in line with the Egyptian state’s strategy for achieving sustainable development, as the country is one of the EBRD’s largest operating countries.
Ambassador Adel stated that the meeting comes as part of ensuring coordination and supporting dialogue with bank officials. It also comes as part of desire to explore the prospects for the development of the bank’s investment portfolio in Egypt.
He pointed to the great consensus between the priorities of Egyptian cooperation and the directions of the Bank during the coming period.
This is particularly in the fields of green economy, digital transformation, support for sustainable infrastructure projects, as well as enhancing competitiveness and the role of the private sector.
Adel added that Egypt was the only economy within the bank’s operating areas that was able to avoid entering a phase of stagnation or deflation at high rates during 2020. This was despite the novel coronavirus (COVID-19) pandemic.
During the meeting, Adel also stressed Egypt’s support for the EBRD’s future plans to expand in Africa. He noted the important role that the Bank can play in the future, in supporting the development priorities of the African countries.
For her part, Reno-Paso expressed her aspiration to visit Cairo, and her appreciation for the growing frameworks of cooperation between Egypt and the EBRD. She noted the work to push the Bank’s projects in Egypt to broader horizons during her presidency.
She stressed the interest that the EBRD’s management attaches to its existing projects in Egypt, in light of the stability and flexibility of the Egyptian economy. This is also due to the attractive investment opportunities Egypt offers in various sectors.
Reno-Paso is expected to visit Cairo this month, her first visit to one of the bank’s operations in the region since she took office last November.