Egypt launches new cooperation strategy with EBRD

Sami Hegazi
3 Min Read

Minister of Foreign Affairs Sameh Shoukry participated on Saturday in a ceremony to launch a new strategy of cooperation between Egypt and the European Bank for Reconstruction and Development (EBRD).

In his speech, Shoukry noted that the approval of the strategy is the culmination of the great efforts exerted over the past months, praising the efforts of Minister of International Cooperation Rania Al-Mashat for leading a comprehensive consultative process in which the foreign ministry contributed at the national level and through our embassies abroad.

He said the approval of the strategy coincides with the continuation of Egypt’s tireless efforts to achieve sustainable development in a way that achieves the aspirations of the Egyptian people and contributes to their development on all political, economic, and cultural levels, and enables them to keep pace with the global march towards progress.

Furthermore, he pointed out that these efforts face several challenges — whether related to the prevailing international political climate or the effects of the coronavirus pandemic and its ramifications — and that the value of the strategy doubles in terms of supporting Egypt’s ability to absorb these challenges.

In this context, Shoukry noted that cooperation between Egypt and the EBRD acquired additional dimensions, which Egypt seeks to translate into concrete practical reality through the implementation of the strategy.

“The Egyptian economy has become more resilient to shocks and crises than ever before and more capable of attracting foreign investment as part of an ambitious development plan implemented by the state,” he added.

Additionally, he noted that the launch of the cooperation strategy between the two parties also comes in the context of Egypt’s hosting of the next session of the Conference of Parties to the United Nations Framework Convention on Climate Change (COP 27) in Sharm El-Sheikh this November.

Egypt hopes that the COP 27 represents a turning point in the fight against climate change by putting the world on the right track towards the implementation of commitments and the fulfilment of pledges in order to achieve the goals of the Paris Agreement.

In this regard, Shoukry expressed Egypt’s aspiration for the EBRD to play an important role in supporting the relevant Egyptian efforts.

This comes within the framework of the 2050 National Strategy to Combat Climate Change and the ongoing updating of the nationally determined contributions under the Paris Agreement and transitioning to a green economy.

Concluding his speech, Shoukry welcomed the memorandums of understanding that were signed on Saturday with the bank in the areas of low-carbon hydrogen, tourism, and clean transportation.

He also expressed Egypt’s aspiration to see rapid and effective progress in the coming period with the EBRD’s partnership and investments.

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