CAIRO - 6 OCtober 2020: Egypt's Minister of International Cooperation, Rania Al-Mashat, announced on Monday that the European Investment Bank approved €750 million to Banque Misr to mitigate the negative repercussions of the COVID-19 pandemic on small and medium enterprises and close the liquidity gap.
In a statement, the Minister of International Cooperation emphasized on the importance of the ministry’s partnership with the European Investment Bank in supporting development, as the Ministry of International Cooperation signed several agreements with the bank in the current year, the most important of which is an agreement worth €1.9 billion for the transport sector as well as small and medium enterprises.
Al Mashat noted that the ministry is seeking to strengthen economic diplomacy to strengthen the ‘Global Partnerships for Effective Development’. These principles include regularly organizing multi-stakeholder platforms to ensure that all projects between development partners are streamlined; adopting a consistent Global Partnerships Narrative People&Projects&Purpose (P&P&P); and mapping ODA financing to SDGs for all projects with multilateral and bilateral development partners.
Earlier in February, the European Investment Bank visited Egypt to discuss future projects that are in line with supporting Egypt's agenda 2030, where Flavia Palanza, EIB director for Eastern and Southern Neighbourhood, asserted that the EIB is willing to support Egypt with its economic recovery plan, in cooperation with the EU, in energy, transport, water and sanitation, SMEs, healthcare, and education.
The bilateral strategic partnership between Egypt and the European Investment Bank dates back to 1979 with a portfolio amounting to nearly €10.6 billion to finance public and private collaborations and support social and economic development.