Egypt’s Minister of Planning, Economic Development, and International Cooperation praised the strong strategic ties with the European Bank for Reconstruction and Development (EBRD), considering Egypt a founding member.
Minister Rania Al-Mashat highlighted the continuous development of bilateral relations since 2012, when Egypt joined the EBRD, resulting in a rise in investments in both public and private sectors, totalling approximately €13.8 billion across 194 projects.
Over 84 per cent of the funds were allocated to the private sector, showcasing trust in the Egyptian economy and bolstering the country’s development objectives, as per a Cabinet statement released on Monday.
These remarks came during Al-Mashat’s meeting with the new regional director for the Southern and Eastern Mediterranean region of the EBRD Mark Davis to discuss partnership initiatives.
She highlighted the ministry’s collaboration with development partners, using economic diplomacy to secure $14.5 billion in concessional financing for Egypt’s private sector over the past four years.
The meeting also covered talks about strengthening collaboration with the bank in the areas of green financing and renewable energy, as these sectors are seen as crucial for Egypt’s future development.
The government is focused on enhancing macroeconomic stability, implementing structural reforms to boost private sector activity, and creating a conducive investment environment, Al Mashat added.
Attribution: Amwal Al Ghad English
Subediting: Y.Yasser