H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, Meets with a High-Level Delegation from the European Bank for Reconstruction and Development

H.E. Minister Al-Mashat:

The European Bank is a key supporter of private sector empowerment in Egypt, with over 80% of its investments allocated to private sector companies.

The state has implemented measures to stimulate the private sector to increase investments, thereby accelerating economic growth and job creation.

 We are committed to the path of reform, supporting macroeconomic stability, and implementing structural reforms across several vital sectors.

The meeting discussed the Bank's investments in the renewable energy sector and efforts to mobilize private sector investments through the "NWFE" program.

H.E. Dr. Rania Al-Mashat, Minister of International Cooperation and Egypt's Governor at the European Bank for Reconstruction and Development (EBRD), met with a high-level delegation from the EBRD. The delegation included Ms. Nandita Parshad, Managing Director of the Sustainable Infrastructure Group at the EBRD, accompanied by Mr. Harry Boyd-Carpenter, Managing Director of Climate Strategy, Ms. Heike Harmgart, Director for Southern and Eastern Mediterranean (SEMED) region of EBRD, Mr. Khalid Hamza, Deputy Head of Egypt’s Office, and several other bank officials.

The meeting explored ways to enhance mutual cooperation with the Bank on various investments and initiatives, discussed the implementation status of several ongoing projects in collaboration with the Bank, and reviewed the concessional financing expected to be available for the private sector in the near future. Additionally, the meeting addressed the Bank's investments in the renewable energy sector and efforts to attract private sector investments under the "NWFE" program, where the Bank plays a key role in the energy sector by implementing renewable energy projects with a capacity of 10 gigawatts as part of the country's efforts to expand renewable energy projects and promote a green transition. During the meeting, the Minister emphasized the importance of strengthening cooperation with the Bank and focusing on key areas such as human development and investment in human capital, particularly in health, education, agriculture, the "Hayah Karima" initiative, industrial development, and enhancing the competitiveness of the private sector.

H.E. Minister Al-Mashat confirmed that the new government is committed to ongoing reform efforts, supporting macroeconomic stability, and implementing structural reforms across several crucial sectors.  H.E. Dr. Al-Mashat also highlighted that the 2024/2025 plan emphasizes achieving priority developmental goals within the updated Egypt Vision 2030 framework, including increased public expenditure on human development in health, education, and scientific research, expanding social protection coverage, and implementing the second phase of the "Hayah Karima" initiative aimed at improving services provided to citizens. The Minister further noted that the government has taken all necessary measures to encourage private sector participation in investment, accelerate economic growth, and job creation, especially following the announcement of the State Ownership Policy Document and the increasing emphasis on stimulating private sector participation. The meeting reviewed the joint relations with the EBRD and the role it plays as a major development partner for Egypt, advancing development efforts through project financing and private sector involvement. The discussion also covered the EBRD's support for Egypt and the long-term cooperation between the two parties in various fields, including human development, environmental sustainability, green transition, and renewable energy. The attendees reaffirmed the commitment to enhancing these investment partnerships and continuing to provide the necessary support to complete ongoing projects. It is noteworthy that the EBRD has contributed to increasing investments in both the public and private sectors in Egypt to over 12 billion euros across 174 projects, with over 80% of these funds directed to the private sector. Last May, H.E. Minister Rania Al-Mashat participated in the EBRD's annual meetings in Armenia, where she served as Vice President of the meetings for the first time as part of the partnership between Egypt and the Bank.