Minister of Planning, Economic Development, and International Cooperation Meets EIB Vice President During her Visit to Egypt to Discuss Various Aspects of Joint Collaboration

Discussions with the bank focused on the priorities for the upcoming phase and the needs of ministries to enhance economic development.

Minister Al-Mashat reviewed the developments in Egypt’s economy and efforts to increase the private sector’s contribution.

The meeting addressed the developments in partnerships within the fields of renewable energy, green hydrogen, health, irrigation, and water resources.

Minister Al-Mashat emphasized the need to expand financing mechanisms for both local and foreign private sectors.

"Al-Mashat": Triangular cooperation represents an important pillar for partnership to transfer our experiences with the bank to other countries.

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, met with Ms. Gelsomina Vigliotti, Vice President of the European Investment Bank (EIB), and her accompanying delegation, in the presence of Mr. Guido Clary, Head of the EIB’s Regional Office in Cairo. The meeting took place during Ms. Vigliotti’s visit to Egypt and focused on discussing ways to strengthen future cooperation.

 

At the start of the meeting, H.E. Dr. Al-Mashat welcomed the EIB delegation, emphasizing that the bank is one of Egypt’s largest multilateral development partners and a key member of the "Team Europe" initiative. The bank has supported a wide range of developmental projects in critical economic sectors. Over the past four years, the European Investment Bank has been the largest development partner, providing investments and financing for the private sector through innovative instruments.

 

H.E. Minister Al-Mashat noted that the opening of the EIB’s regional office in Cairo in November 2023 would enhance cooperation and partnerships with both public and private sector partners across the Middle East and North Africa region. This would deepen the Egypt-EIB partnership, open new opportunities in the coming years, address investment challenges, and amplify the impact of collaboration with development partners in both public and private sector investments.

 

The meeting also discussed the future priorities for cooperation between the two sides, taking into consideration the forthcoming phase’s priorities and the needs of various ministries to foster economic development. H.E. Minister Al-Mashat reviewed the current developments in Egypt’s economic indicators and the government’s efforts to increase the private sector’s contribution to the economy.

 

Additionally, the discussion covered the evolution of the partnership in areas such as green hydrogen, water desalination, renewable energy, health, and irrigation. They also explored future cooperation, especially in supporting startups and entrepreneurship, along with the ongoing projects of Norwegian company Scatec in the fields of renewable energy, green hydrogen, and water desalination. Scatec is one of the companies benefiting from concessional financing from development partners to promote Egypt’s green transformation efforts.

 

H.E. Dr. Al-Mashat emphasized the importance of utilizing the regional office to encourage South-South and triangular cooperation, through knowledge exchange among Southern countries and drawing on Egypt’s successful development experiences with its development partners. This approach aims to promote integration and address developmental gaps between developing countries and emerging economies.

 

The Minister highlighted Egypt’s efforts to increase the private sector’s participation across various sectors. The government is committed to providing all forms of support to the private sector, improving the business environment, and enhancing the investment climate. H.E. Dr. Al-Mashat also reiterated the Ministry’s efforts to develop partnerships between financial institutions and the private sector in Egypt, facilitating access to more financing mechanisms. She highlighted the various financing tools available through development partners via the "HAFIZ" platform for financial and technical support.

 

The meeting also included a review of the different fields of cooperation, most notably in implementing projects under the "NWFE" and "NWFE+" programs, focusing on energy, food, water, and sustainable transport. Other areas of collaboration included health projects related to vaccine manufacturing. Additionally, the meeting reviewed the status of the Green and Sustainable Industry (GSI) project and discussed upcoming projects to be implemented in Egypt in the coming years with the European Investment Bank.

 

In this context, H.E. Dr. Al-Mashat commended the partnership with the bank under the "NWFE" program. She also referred to the joint statement issued at COP29 by 12 international banks on the importance of innovative platforms for climate action, with the "NWFE" program being highlighted as a model for what developing countries should adopt regarding their climate ambitions.

 

H.E. Dr. Al-Mashat briefed the Vice President of the European Investment Bank on the outcomes of her meetings with national stakeholders and various ministries during her visit to Egypt. H.E. Minister Al-Mashat highlighted the Ministry's pivotal role in advancing partnerships with multilateral and bilateral development partners, particularly the European Union. They also discussed the developments in partnerships within housing, health, irrigation, electricity, and other sectors.

 

It is worth noting that Egypt and the EIB have been cooperating since 1979, with a total of 127 projects funded amounting to approximately €14 billion in both public and private sectors for sustainable investment projects. Current cooperation includes 16 development projects across various sectors such as transport, environment, water and sanitation, small and medium-sized enterprises, and civil aviation. The European Investment Bank's office in Cairo was inaugurated in October 2003, making it the first EIB office outside of Europe.