Egyptian Minister of Planning and International Cooperation Rania Al-Mashat has met with the president of the European Bank for Reconstruction and Development (EBRD) to discuss their cooperation portfolio, with a focus on renewable energy and private sector empowerment, the ministry said.
The meeting between Al-Mashat and EBRD President Odile Renaud-Basso took place during the Global Gateway Forum in Brussels.
Al-Mashat, who is also Egypt’s governor at the EBRD, praised the bank’s active role as a key development partner within the energy pillar of Egypt’s “NWFE” country platform for climate projects.
She noted that since the COP27 climate conference, the NWFE programme has successfully mobilised $4.5 billion in concessional financing for the private sector to implement renewable energy projects with a capacity of 5.2 gigawatts (GW), out of a total target of 10 GW under the programme.
Since becoming an operational country in 2012, Egypt has received EBRD investments exceeding €13.5bn across 206 projects, with more than 80% directed to the private sector. In 2024, Egypt was the bank’s largest country of operations in the Southern and Eastern Mediterranean (SEMED) region for the seventh consecutive year, with €1.5bn invested in 26 projects.
During the meeting, Al-Mashat highlighted a recently signed mechanism with the Ministry of Finance, through which the EBRD will provide support to accelerate the rollout of public-private partnership (PPP) projects.
She also reviewed Egypt’s new economic development narrative, which aims to continue the path of economic reform and transition towards a productivity-centred model focused on real economy sectors. Redefining the state’s role in the economy and empowering the private sector are key pillars of this model, she said, referencing the government’s State Ownership Policy Document and privatisation programme.
Al-Mashat reaffirmed the government’s commitment to maintaining a defined annual ceiling for external borrowing in line with fiscal sustainability standards, which is regularly monitored by the restructured Public Debt Committee, chaired by the prime minister.
