EBRD to start new four-year strategy talks with Egypt in September – official

The European Bank for Reconstruction and Development (EBRD) is expected to embark on consultation talks with Egypt in September for a new strategy over the coming four years, the bank’s president Odile Renaud-Basso said on Friday.

Starting new talks emphasises EBRD’s continuous support for the private sector, particularly in the green field, Renaud-Basso noted.

The EBRD official made these remarks at a press conference Renaud-Basso held, virtually, on Friday on the conclusion of the bank’s 30th annual meeting that kicked off on Monday.

According to Renaud-Basso, the EBRD has raise its share of green investments from 30 percent to 50 percent in response to the COVID-19 crisis, which will benefit Egypt as it has some of the biggest share of EBRD operations in the Mediterranean region.

Around 80 percent of the EBRD portfolio in Egypt concentrates on the private sector, she added.

Egypt’s economic response to the pandemic has been remarkable, which has positioned the North African country among the top four economies in the region to maintain positive growth despite the harsh impacts of the crisis, Renaud-Basso noted.

“During the five-day annual meeting, The EBRD pledged to align all its activities with the goals of the Paris Agreement by end of 2022, aiming to accelerate decarbonisation across its regions, supporting them to reach net-zero emissions by mid-century.” Renaud-Basso noted.

“By way of its multilateral shareholding and private sector focus, the EBRD will help its countries of operations manage the political and economic challenges related to the unprecedented transition to the green economy. I truly welcome the push from all our shareholders to accelerate on this shared agenda,”

The EBRD regions are well positioned to benefit from the fast-growing transition to renewables, thereby lowering their reliance on fossil fuels, with excellent resources and growing capacity in wind, solar and hydropower, Renaud-Basso said.

“The Bank will therefore increase financing for renewable energy and associated energy systems,” she further said.

Renaud-Basso also emphasised on the EBRD’s continuous support for the private sector in its operation regions, especially small and medium-sized enterprises (SMEs) along with backing the governments through the bank’s finances.