H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, holds meetings with the Managing Director of the European Investment Bank and the CEO of the Luxembourg Stock Exchange

During the Global Gateway Forum in Brussels

H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, holds meetings with the Managing Director of the European Investment Bank and the CEO of the Luxembourg Stock Exchange

H.E. Al-Mashat: The Narrative for Economic Development aims to maximize the use of innovative financing mechanisms to create an attractive environment for private investment and to diversify sources and maturities of financing.

The European Investment Bank has provided over USD 3 billion in concessional financing to Egypt’s private sector since 2020.

Discussions addressed expanding financial and technical support for the industrial private sector to adapt to the EU Carbon Border Adjustment Mechanism (CBAM).

H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, met with Mr. Andrew McDowell, Managing Director of EIB Global, and Mr. Lionel Rapaille, Director of European Neighbouring Countries Operations at the European Investment Bank (EIB), in the presence of H.E. Ambassador Ahmed Abu Zeid, Egypt’s Ambassador to Belgium, Luxembourg, the European Union, and NATO.

H.E. Al-Mashat also met with Ms. Julie Becker, CEO of the Luxembourg Stock Exchange, on the sidelines of the second edition of the Global Gateway Forum held in Brussels, Belgium.

The meeting with the European Investment Bank reviewed the latest developments in ongoing cooperation and discussed future projects in the environment, energy, and sustainable transport sectors, within the framework of the strategic partnership between Egypt and the European Union.

H.E. Al-Mashat emphasized that the opening of the EIB’s Regional Hub in Cairo has expanded the horizons of cooperation and contributes to encouraging European companies to invest in Egypt.

H.E. Al-Mashat underlined the importance both sides attach to preparations for the European Union’s implementation of the Carbon Border Adjustment Mechanism (CBAM) and to the ongoing bilateral initiatives in this context — particularly the Sustainable Green Industry Program (Phase IV of the Pollution Abatement Program), with a total value of EUR 271 million, including EUR 135 million in concessional financing from the EIB and a EUR 30 million grant from the European Union, administered by the Bank.

The program provides concessional financing and grants to public and private industrial enterprises in Egypt as an incentive to implement green investment plans and reduce carbon emissions in the industrial sector in line with the CBAM mechanism.

In this context, H.E. the Minister reaffirmed the importance of Egypt’s partnership with the European Investment Bank, which has provided over USD 3 billion in support to empower the private sector in Egypt since 2020.

The two sides also discussed the EIB’s cooperation with the Norwegian company Scatec to finance the “Dendera” solar energy project, which will supply clean energy to the Egypt Aluminum Complex, thereby enhancing the competitiveness of Egyptian exports to European markets by aligning with CBAM requirements.

In addition, the discussions addressed the EIB’s focus in the coming period on expanding support for Egypt’s private sector, particularly startups, and on implementing technical assistance programs in vaccine production, transportation, sanitation, and women’s empowerment.

H.E. Al-Mashat affirmed that the Narrative for Economic Development seeks to maximize the use of innovative financing tools to create an attractive environment for private investment and to diversify the sources and maturities of financing.

Luxembourg Stock Exchange

In a separate meeting, H.E. Dr. Rania Al-Mashat met with Ms. Julie Becker, Chief Executive Officer of the Luxembourg Stock Exchange (LuxSE) — the world’s first exchange to play a pioneering role in facilitating sustainable investment and redirecting capital flows toward sustainable development.

The meeting discussed ways to benefit from the Exchange’s expertise in green and sustainable finance.

H.E. Al-Mashat noted that the Luxembourg Green Exchange (LGX), launched in 2016, directly contributes to achieving the United Nations Sustainable Development Goals (SDGs) and the Paris Agreement. The LGX serves as a global platform connecting issuers, asset managers, and investors from around the world who aim to generate a positive impact through sustainable finance.

It is recognized as the world’s first and leading platform dedicated exclusively to sustainable finance, offering a comprehensive suite of sustainability-focused products and services, including a digital platform, academy, data hub, and advisory services.

The meeting also reviewed opportunities to build upon the existing cooperation between the Luxembourg Stock Exchange and the European Investment Bank, noting that the EIB was the first institution to issue its own green bonds listed on the Luxembourg Stock Exchange.

H.E. Al-Mashat highlighted Egypt’s progress in sustainable and green finance, within the framework of the Narrative for Economic Development, the Sustainable Finance Strategy, and the Country Platform for the NWFE Program (Nexus of Water, Food, and Energy).