Rania Al-Mashat, Egypt’s Minister of International Cooperation, met with Odile Renaud Basso, President of the European Bank for Reconstruction and Development (EBRD), to discuss preparations for the upcoming Egypt-EU investment conference and the bank’s strategic partnership with Egypt.
The Wednesday meeting, held on the sidelines of the EBRD 2024 Annual Meeting and Business Forum, focused on Egypt’s economic reforms and efforts to strengthen the private sector.
Renaud Basso praised Egypt’s national programme with the International Monetary Fund (IMF), highlighting its progress in macroeconomic stability, economic and structural reforms, and state-owned enterprises management.
Al-Mashat expressed appreciation for the EBRD’s support, noting the bank’s vital role in Egypt’s development. She emphasised the government’s commitment to increasing private sector involvement and creating jobs.
The European Union has pledged €1.8bn in investment guarantees to the private sector in Egypt. Al-Mashat highlighted the upcoming investment conference as a significant step in Egyptian-European relations, encouraging further investment in the country.
Al-Mashat, who is also the Governor of Egypt at the EBRD, and served as Vice-Chair of the Bank’s 33rd annual meeting, called on the EBRD to provide more financing tools to increase directed support to private sector companies in Egypt.
The EBRD’s investment portfolio in Egypt has reached approximately €12bn across 178 projects, with over 80% directed towards the private sector.
Al-Mashat and Renaud Basso discussed expanding the EBRD’s work to include more African member states and establishing a framework for trilateral cooperation between the bank, existing member states, and new members.
The meeting also touched upon Egypt’s partnership with the EBRD in implementing renewable energy projects under the country’s “NWFE” program, showcasing cooperation between multilateral development banks and member states to address development challenges.
