EBRD discusses cooperation with Egypt on COP 27, bank’s post-COVID country strategy

Nehal Samir
3 Min Read

Mark Bowman, the Vice President of the European Bank for Reconstruction and Development (EBRD) for Policy and Partnerships, visited Egypt on Tuesday for high-level meetings with government officials and the business community.

The EBRD official will discuss cooperation with Egypt on the upcoming United Nations’ Conference of Parties on Climate Change (COP 27) that will be held in Sharm El-Sheikh. The bank will also address its new country strategy and the recovery from the coronavirus (COVID-19) pandemic.

During his stay extending till 7 March, Bowman will meet Minister of International Cooperation and EBRD Governor for Egypt Rania Al-Mashat, Minister of Foreign Affairs Sameh Shoukry, Minister of Finance Mohamed Maait, Minister of Petroleum and Mineral Resources Tarek El-Molla, Minister of Environment Yasmine Fouad, and Minister of Planning and Economic Development Hala El-Said.

He will visit the Suez Canal Economic Zone and meet its Chairperson Yehia Zaki along with Governor of Alexandria Mohamed Taher Al-Sherif, the business community, and EBRD clients.

The EBRD delegation includes Managing Director for the Southern and Eastern Mediterranean (SEMED) region Heike Harmgart, Managing Director for Green Economy and Climate Action Harry Boyd-Carpenter, Director of Infrastructure for SEMED and Turkey Sue Barrett, Director for Gender and Economic Inclusion Barbara Rambousek, and Head of the EBRD in Egypt Khalid Hamza. 

Ahead of the visit, Bowman said: “The EBRD is committed to helping Egypt overcome the economic impact of the pandemic and to continue to deliver reforms that secure a sound, sustainable, and inclusive recovery. We are also working with the Egyptian authorities and the private sector to meet their green goals in the run-up to the COP 27 in Sharm El-Sheikh.”

Egypt is a founding member of the EBRD. Since the start of its operations there in 2012, the bank has invested more than €8.6bn in 144 projects in the country.

Notably, the bank approved its country strategy for Egypt in February, which focuses on three key priorities identified in cooperation with the Egyptian government and aligned with its ambitious, recently launched reform programme.

In the period from 2022 to 2027, the bank will focus on three strategic priorities: Promoting a more inclusive economy for Egyptian businesses, women, and youths; accelerating Egypt’s green economy transition; and enhancing the country’s competitiveness by supporting private-sector growth and strengthening governance.

Over the past decade, the bank focused on investment in renewable energy, improving sustainable infrastructure, strengthening the competitiveness of the private sector — including small firms — as well as promoting greater job and training opportunities for women, young people, and people in remote areas.

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