Egypt Ranked as the European Bank for Reconstruction and Development’s (EBRD) Largest Country of Operations for the Seventh Consecutive Year in 2024 (Infographic)

Result of Economic Diplomacy Efforts to Push Financing for Development
Egypt Ranked as the European Bank for Reconstruction and Development’s (EBRD) Largest Country of Operations for the Seventh Consecutive Year in 2024 (Infographic)

Dr. Rania Al-Mashat: Efforts to create an investment-friendly environment and implement structural reforms have increased international institutions' financing to the private sector.

The EBRD invested €1.5 billion in Egypt's market last year, with 98% directed to the private sector and 50% toward green financing.

The EBRD's investments in Egypt since 2012 amount to over €13.8 billion, financing 194 projects in various development sectors.

The Ministry of Planning, Economic Development, and International Cooperation confirmed that Egypt ranked first among the countries in the Southern and Eastern Mediterranean region as the EBRD’s largest country of operations last year, marking the seventh consecutive year. Globally, Egypt ranked third among the EBRD's member countries, reflecting the pivotal role of economic diplomacy in driving financing for development.

The ministry added that last year alone witnessed €1.5 billion in investments injected into the Egyptian market for a total of 26 projects, with 98% in the private sector and 50% in green financing. The funds were distributed as follows: 40% for trade financing, 26% for infrastructure, 20% for the financial sector, and 13% for corporate financing.

Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation and Egypt’s Governor at the EBRD, stated that the relationship between Egypt and the EBRD has significantly advanced over the past five years. Both parties have cooperated at various levels to pave the way for achieving Egypt’s targeted development rates. She explained that Egypt's recent economic and structural reforms have contributed to increasing concessional financing from international institutions to local and foreign private sector companies.

Dr. Rania Al-Mashat emphasized that Egypt is one of the EBRD’s most cooperative countries, having managed since 2012 to build a cooperation portfolio with the bank amounting to around €13.8 billion for 194 developmental projects, with 80% of the financing directed to the private sector. This has provided significant support to the Egyptian economy and has been a strong driver for the private sector.

Strategic Partnership between Egypt and the EBRD

Since Egypt became an EBRD country of operations in 2012, the relationship has seen substantial growth. Dr. Rania Al-Mashat has been working since 2020 to develop economic relations with multilateral and bilateral development partners.

Last year, the Minister participated in the EBRD’s Annual Meetings, where it was announced that Egypt won the right to host the EBRD Annual Meetings in 2027 in Sharm El-Sheikh, following the approval of the Board of Governors. This reflects Egypt's strategic role in the EBRD, being one of the bank's founding members and one of its largest countries of operations globally.

The EBRD is one of the largest multilateral development banks financing the private sector in Egypt. The Ministry is working on implementing the joint country strategy for 2022-2027, which is based on three pillars aligned with Egypt's national sustainable development priorities: promoting a more inclusive economy, accelerating the transition to a green economy, and enhancing competitiveness and governance.

The EBRD plays a key role in Egypt’s green transition by financing renewable energy projects to help the country achieve its goal of increasing renewable energy to 42% of its energy mix by 2030. One of the flagship projects is the Benban Solar Park, one of the largest solar power plants globally, supported by the EBRD alongside other institutions.

Since the launch of the "NWFE" program in 2022, the EBRD has taken on the role of lead development partner for the energy pillar. Joint efforts have mobilized around $3.9 billion in concessional financing for private sector companies to implement renewable energy projects with a capacity of 4,200 megawatts.

The energy pillar of the "NWFE" program aims to achieve several goals, including the establishment of renewable energy plants with a capacity of 10 gigawatts, the decommissioning of 12 thermal power plants with a capacity of 5 gigawatts, and saving $1.2 billion annually in fuel import costs.

Additionally, the EBRD is working on implementing the "Green Cities" program in Egypt, an international initiative to which Egypt has committed through the cities of Alexandria, Cairo, and 6th of October, by implementing several environmentally friendly projects.