Egypt, EIB discuss cooperation within framework of COP 27

Daily News Egypt
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Minister of International Cooperation Rania Al-Mashat met with Werner Hoyer — President of the European Investment Bank (EIB) — in the presence of Markus Berndent — Managing Director of EIB Global and Head of Operations — on Sunday to discuss ongoing projects and cooperation between Egypt and the EIB.

The meeting came on the side-lines of the World Bank Group’s 2022 annual spring meetings, which are being held in Washington.

The meeting discussed proposals made by the EIB to cooperate with the Egyptian government within the framework of Egypt’s presidency of the UN Conference of Parties on Climate Change (COP 27), which will be held in Sharm El-Sheikh this November, noting the importance of relations with international financial institutions to advance efforts to implement climate pledges and provide innovative financing to enhance the role of the private sector in sustainable development.

Al-Mashat also referred to the ambitious projects implemented in Egypt in partnership with the EIB, which could represent a constructive model for application in Africa through the South-South Cooperation Mechanism.

She pointed out that the EIB launched a climate finance map last year for the period from 2021 to 2025, through which it seeks to increase its funding for climate action, support for the green transition, and reducing harmful emissions in the EU and the countries it cooperates with.

Furthermore, the minister stressed the cooperation between the government and the EIB in various fields of development, and future opportunities for cooperation, including the production of clean energy and green hydrogen.

She said that the ongoing development cooperation portfolio between Egypt and the EIB amounted to about €3.5bn by the end of 2021, and that the bank has financed several development projects in the fields of transportation, water and sanitation, energy, environment, small and medium enterprises, and civil aviation.

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