In the presence of the Minister of Planning, Economic Development, and International Cooperation... The Economic Committee of the House of Representatives Approves the Expansion of the European Bank's operations in Sub-Saharan Africa

In the presence of the Minister of Planning, Economic Development, and International Cooperation...

The Economic Committee of the House of Representatives Approves the Expansion of the European Bank's operations in Sub-Saharan Africa

Dr. Rania Al-Mashat: The European Bank's expansion in Sub-Saharan Africa provides opportunities for cooperation between Egypt and these countries through the bank’s platforms and tools.

11.8 billion euros in investments and financing by the European Bank for Reconstruction and Development (EBRD) for the private sector in Egypt since 2012.

 

 

On Tuesday evening, H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, participated in a meeting of the Economic Committee of the House of Representatives.

The meeting was chaired by MP Mohamed Suleiman, with the attendance of the committee’s deputies, MP Mohamed Abdel-Hamid, MP Kamal El-Din El-Shafie, and MP Tarek Hassan Ammar, Secretary of the Committee, along with other committee members.

The committee approved the Presidential Decree No. 70 of 2025 regarding the approval of the European Bank for Reconstruction and Development’s (EBRD) Governors' Council Resolutions (259) and (260), which amend the bank’s founding agreement to allow the geographical expansion of its operations in Sub-Saharan Africa and Iraq.

During the meeting, H.E. Dr. Rania Al-Mashat pointed out the close partnership between the Arab Republic of Egypt and the EBRD, which dates back to 1991, when Egypt was one of the founding countries. With the bank’s expansion into the South and East Mediterranean region in May 2011, Egypt requested to transition into an operational country. H.E. Dr. Al-Mashat mentioned that in November 2014, the bank’s office in Cairo was opened to facilitate its operations for both the government and private sectors. In October 2015, Egypt officially became a full operational country.

As Egypt’s Governor at the European Bank for Reconstruction and Development, H.E. Minister Al-Mashat stated that Egypt is the largest operational country for the bank in the South and East Mediterranean region. Since the bank began its investments in Egypt in 2012, it has invested 13.8 billion euros in around 194 projects, 86% of which (equivalent to 11.8 billion euros) were directed to the private sector.

H.E. Dr. Al-Mashat also noted that the EBRD is currently implementing its strategic partnership framework with Egypt for the period 2022-2027, which aims to support the country’s efforts to achieve inclusive and sustainable economic growth, accelerate green transformation, increase economic competitiveness, and improve the business environment for the private sector.

H.E. Minister Al-Mashat added that the EBRD decided in 2021 to expand its operations in Sub-Saharan Africa and Iraq, with a final decision taken during the bank’s annual meetings in Samarkand.

H.E. Dr. Al-Mashat emphasized the strong relationship with the bank and its role in encouraging foreign direct investments, as any investment in a country requires financing, whether local or foreign, to reduce financing costs.

H.E. Minister Al-Mashat highlighted that the bank's expansion into Sub-Saharan Africa strengthens its role on the continent, given its economic opportunities, natural resources, and vast human capital.

H.E. Dr. Al-Mashat concluded by noting that the bank’s direction aligns with Egypt's growing openness to the continent, both at the governmental level and in partnerships with the private sector. She pointed out that the bank's expansion offers significant opportunities for triangular and South-South cooperation between Egypt and the countries of the continent through the bank’s various platforms and tools.