Egypt, EBRD explore ways to increase support to private sector
Egypt and the European Bank for Reconstruction and Development (EBRD) has conducted a meeting to unveil the new green recovery strategy and to explore ways to increase support to private sector.
Minister of International Cooperation Rania El-Mashat has met with the Managing Director for the Southern and Eastern Mediterranean (SEMED) region at the EBRD Heike Harmgart, at the Ministry’s headquarters in the presence of Khaled Hamza, Vice President of the EBRD’s Regional Office in Egypt.
The new strategy focuses on recognising the significant role of the private sector as an engine for economic growth, using a two-pronged approach that provides a labour force for employers looking for talent and opportunities for workers seeking to advance in the modern labour market.
El-Mashat praised the strategic cooperation relations between Egypt and the EBRD and its contributions to financing several and diverse development projects in the last period, adding that Egypt was regarded as the largest country of operations last year, with a total investment of about € 2.3 billion, 60 percent dedicated to the private sector.
The minister added that Egypt is looking forward to strengthening economic relations with the bank within the framework of its new strategy for 2021-2025, which is based on three main outcomes: supporting the transition to a green economy, enhancing environmental sustainability, and reducing carbon emissions, as well as promoting equal opportunities for women and accelerating the pace of digital transformation.
For her part, Heike Harmgart, Managing Director for the Southern and Eastern Mediterranean (SEMED), expressed that the bank is dedicated to support the national development priorities of Egypt, particularly in regards to directing more support to the private sector and investing in the green economy.
