CAIRO - 10 February 2022: Egypt's Minister of International Cooperation and Egypt’s Governor at the European Bank for Reconstruction and Development (EBRD) Rania A. Al-Mashat announced the EBRD’s Board of Directors’ endorsement of the new Country Strategy between Egypt and the Bank 2022/2027, during the session that was held on February 9, which comes within the framework of the continuous cooperation with the bank and supports the country’s vision; paving the way for the achievement of the United Nations 2030 Sustainable Development Goals (SDGs).
Al-Mashat stated that the new Country Strategy comes in support of the strategic relations between Egypt and the EBRD, and is an outcome of the extensive series of consultations and meetings over the past year, with the participation of all national entities, the private sector, and the civil society, to take into consideration all the national priorities and the goals of the upcoming period, with regards to “Egypt Action” Program plan, and the presidential initiatives, such as the “Decent Life” presidential initiative.
The Minister further elaborated that the new Country Strategy with the EBRD for the period 2022/2027, rests on three key pillars: support the country’s efforts to achieve inclusive and sustainable growth for the economy; accelerate the pace towards a green economy; and to enhance competitiveness and growth rates, as well as to support private sector’s engagement in development efforts.
She added that the presidential initiatives and national strategies represent a framework for the new Country Strategy with the EBRD 2022/2027; noting that this strategy took into consideration the ‘Decent Life’ presidential initiative; the national strategy for human rights; Integrated Sustainable Energy Strategy (ISES 2035); and the national strategy for women empowerment. This is in addition to the country’s measures for enhancing competitiveness and pushing forward digital transformation. The Minister further mentioned that currently, there are several cooperation strategies in progress, with the United Nations, the African Development Bank (AfDB), and the European Investment Bank (EIB). The Ministry of International Cooperation is working on supporting joint efforts with all relevant stakeholders to reach comprehensive strategies that accelerate national development efforts across various sectors.
Al-Mashat referred to the strategic relations between Egypt and the EBRD, which resulted in a number of development financing agreements that support the country’s vision and enhance the private sector’s engagement. As in 2021, the development financing agreements with the bank amounted to EUR 1.17 billion, for the public and private sectors. This includes agreements directed to the implementation of the energy efficiency enhancement program for the Suez Petroleum Manufacturing Company; the rehabilitation of the infrastructure for the Kitchener Drain Depollution project; supporting the rehabilitation and upgrade of Metro Line 1; upgrading and electrifying an existing metro line that connects downtown Alexandria with the north-eastern town of Abu Qir; 6th of October’s dry port; and supporting several startups to enhance the entrepreneurship ecosystem and accomplish solar power plants.
Mashat further noted that the new Country Strategy with the EBRD, and other development partners such as the World Bank Group, the United Nations and the African Development Bank, relies on pillars that were put together by the Ministry of International Cooperation, to enhance development cooperation through transparency, inclusiveness, and integration.
In 2021, the Ministry of International Cooperation implemented a strategic road map for the new Country Strategy with the EBRD, with the participation of over 20 national entities, the private sector, and the civil society, as several interactive meetings and workshops were held to identify sectoral priorities that come with the framework of the country’s vision, that also aligns with the UN’s SDGs.
Ever since the start of the Bank’s operations in Egypt in 2012, the EBRD has invested more than EUR 8.7 billion in 145 projects in the country, of which over 76% were allocated to the private sector. For three consecutive years; 2018, 2019 and 2020, Egypt was the EBRD’s largest country of operations in the Southern and Eastern Mediterranean (SEMED) region.
It is worth noting that the Ministry of International Cooperation launched its 2021 Annual Report under the title “Engaging For Impact Towards Our Common Future: International Partnerships for Sustainable Development”; detailing that the secured development financing directed to the public and private sectors last year amounted to $10.2 billion. This includes $8.7 billion directed to the public sector and $1.5 billion directed to the private sector.
Thu, Feb. 10, 2022
