Egypt’s Minister of International Cooperation and Governor of Egypt at the European Bank for Reconstruction and Development (EBRD) Rania Al-Mashat met with representatives of the Bank’s Board of Directors to review the outcomes of their six-day visit to Egypt. The visit included extensive meetings, visits, and consultations with various stakeholders from the national entities, private sector, business community, development partners, and civil society. The bank officials also examined several projects that received financial and technical support from the bank, in both the private and public sectors.
During the visit, the EBRD Board of Directors delegation met with Prime Minister Mostafa Madbouly and held meetings with several ministries and government bodies, such as the Ministry of Transport, the Central Bank of Egypt, and the Suez Canal Economic Zone. They also inspected development projects, such as the Abu Qir Metro in Alexandria Governorate, the New Administrative Capital, the El Sewedy Technical Academy, and the Grand Egyptian Museum.
80% of EBRD’s Investments Are in Private Sector
At the start of the meeting, Al-Mashat stated: “Since 2012, when Egypt became a country of operations for EBRD, the volume of investments for the government and private sectors increased to more than €12bn in 174 projects, of which more than 80% were directed to the private sector.”
Al-Mashat also said that Egypt’s success in signing the Ras El Hekma Development Project in cooperation with the UAE had a positive impact on the Egyptian economy and that the government was moving forward in overcoming the challenges facing the Egyptian economy. The meeting also discussed the joint development policy program, which is being prepared in cooperation with the World Bank within the framework of the structural reforms that the state is implementing to enhance the competitiveness and resilience of the Egyptian economy, support the green transformation, and increase the engagement of the private sector in the Egyptian economy. This is also in line with the negotiations with the International Monetary Fund (IMF), which are progressing positively.
Green Transformation Projects
Al-Mashat highlighted the efforts made by the state to encourage and stimulate local manufacturing, increase exports, and create more job opportunities. She explained that development partners were an essential part of those efforts, especially in the field of sustainable water resources management and green hydrogen. She added that Egypt aimed to become a global leader in manufacturing and exporting green hydrogen as a source of renewable energy.
Visit of Suez Canal Economic Zone
The EBRD delegation visited the Suez Canal Economic Zone to explore the investment opportunities in the region. They toured Egypt’s green hydrogen factory, which the bank funded two years ago and which exported the world’s first green ammonia shipment last November. They also visited the Egyptian Basic Industries Corporation (EBIC) factory and Sokhna Port, which is undergoing many development works to become the most important port on the Red Sea.
Visit of Alexandria
The EBRD Board of Directors delegation inspected Alexandria Governorate and boarded the Talgo train, which the bank financed. They followed the progress of the projects funded by the bank under the Green Cities Program in the governorate, including the Alexandria/Abu Qir Metro Project. They also discussed future projects in the governorate, which cover climate action, sustainable infrastructure, transportation, water and sanitation, and climate change adaptation. Moreover, the bank delegation examined many other projects.
In this regard, Jose Leandro, the official of the European Union countries, emphasized the importance of Egypt as a strategic country of operations for the EBRD and the European Union in general. He said that the bank was very keen to provide all kinds of support to Egypt to face the challenges it was going through. He noted that the bank delegation’s visit to the Suez Canal region demonstrated the development that had been achieved to enhance the investment climate. He also praised the visit to the El Sewedy Academy for Technical Education, which showed inspiring measures to promote technical employment among young men and women and the importance of investing in training. He also commended the small and medium enterprises that were visited in Cairo and Alexandria, which were vital for creating and increasing job opportunities.
He also highlighted the meeting that the Prime Minister had with the bank delegation, explaining that the meeting showed a clear vision for the government to tackle the current challenges and finalize the agreement with the International Monetary Fund. He added that Egypt’s reforms could create many opportunities for growth beyond the current stage and that the EBRD could make a difference by supporting these reforms and measures taken by the state.
