EBRD President visits Cairo in 1st trip to Middle East since taking office

Daily News Egypt
3 Min Read

Odile Renaud-Basso, President of the European Bank for Reconstruction and Development (EBRD), will arrive in Cairo on 21 April, in her first visit to the Middle East since taking office last October.

The choice of Cairo for Renaud-Basso’s first visit to the region comes as part of the strategic relations between Egypt and the EBRD.

Egypt was the largest country of operations for the bank in the southern and eastern Mediterranean during 2020, and the largest country of operations in all regions during 2018 and 2019.

The visit coincides with the EBRD’s celebrating its 30th anniversary this April. Over the course of 30 years, it has invested in more than 6,000 projects, worth $150bn, in the various countries of its operations.

During her visit, the EBRD President will meet the President of Egypt, Abdel Fattah Al-Sisi; Prime Minister Mostafa Madbouly; Minister of International Cooperation and EBRD Governor, Rania Al-Mashat; Minister of Electricity and Renewable Energy, Mohamed Shaker; Minister of Housing, Utilities and Urban Communities, Assem El Gazzar; and Minister of Local Development, Mahmoud Shaarawy.

Renaud-Basso will also meet Governor of Cairo, Khaled Abdel-Aal, Governor of Alexandria, Taher El Sherif, officials from the Egyptian National Railways, and representatives of the private sector, the EBRD’s key business partner in its activities.

Supporting Egypt’s transition to a green economy, the EBRD President will sign agreements to develop sustainable infrastructure and renewable energy in the country.

Ahead of her visit, Renaud-Basso said, “Egypt was one of the few countries that did not plunge into recession last year due to the coronavirus pandemic. However, Egypt was hit hard. The EBRD is committed to supporting the country in these challenging times to help overcome the economic setbacks and to continue delivering on reforms in order to achieve a sound, sustainable and inclusive recovery.”

Minister Al-Mashat said, “We welcome the EBRD President on her first visit to the region since assuming her position last October, as the upcoming visit reflects the close relations between Egypt and the EBRD.”

She said that the bank is one of the most prominent development partners for Egypt, and contributes to advancing development efforts.

The EBRD also provides support for Egypt’s strategy in the transition towards a green economy. Egypt expects that the visit will open new horizons for its partnership with the EBRD.

Egypt is a founding member of the EBRD. Since the start of its operations there in 2012, the Bank has invested close to €7.2bn in 127 projects in the country.

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