Business Hub – Cairo:
Dr. Rania Al-Mashat: Strengthening cooperation with the Bank within the framework of the Climate Summit and participation in the Egypt Forum for International Cooperation and Development Finance
Dr. Rania Al-Mashat met, Minister of International Cooperation, and pilot Mohamed Manar, Minister of Civil Aviation, With the European Investment Bank delegation currently visiting Egypt headed by Mrs. Gelsomina Vigilotti, Vice President of the Bank, It is the first high-level visit by the Bank to Egypt since the Corona pandemic.
The European Investment Bank delegation included, in addition to the Vice President of the Bank, Mr. Lionel Rabelle, Operations Manager for Neighboring Countries at the Bank, and Mrs. Marion Honecke, Head of Banking Operations and Small and Medium Enterprises Department, Mr. Alfredo Abad, Cairo office manager and Mrs. Katika Hajrulavić, Director of the Public Sector in the Egypt Office, and other officials.
The session witnessed discussions on joint cooperation programs between the Arab Republic of Egypt. The European Investment Bank, the financing arm of the European Union, And proposals for cooperation between the two sides in development projects in the aviation sector, In addition to discussions of cooperation in light of the UN Climate Conference COP27, A list of projects proposed to be funded within the national climate change strategy. As well as the Bank’s participation in the Egypt Forum for International Cooperation and Development Finance.
Dr. Rania Al-Mashat welcomed, Minister of International Cooperation at the European Investment Bank delegation, Chaired by Ms. Gelsomina Vigilotti, Vice President of the Bank, During the visit, which comes as an affirmation of the strong relations between Egypt and the European Investment Bank, which resulted in the financing of more than 110 projects for the public and private sectors.
The Minister of International Cooperation, To the ongoing discussions with the European Investment Bank in light of Egypt’s presidency of the United Nations Climate Conference COP27, And the keenness of the Ministry of International Cooperation, On continuous coordination between national authorities and the European Investment Bank on cooperation proposals, She pointed out that the government is working on implementing many projects in light of the National Climate Change Strategy 2050 at the level of adaptation projects and mitigating the repercussions of climate changes, and the Ministry of International Cooperation is coordinating with the concerned authorities to provide development funds and technical support for these projects.
She also touched on the importance of the European Investment Bank’s participation in the various axes of cooperation with the Egyptian state. As a climate bank for Europe, As well as the head of the Multilateral Development Banks Group this year, Based on the historical relations with the Bank, which made Egypt the largest non-EU country of operations, She pointed out that multilateral development banks have a vital role in supporting climate action plans in Egypt, developing countries and emerging economies in light of the need for these plans for financing.
The Minister of International Cooperation, Reffered to the importance of advancing innovative financing mechanisms and risk reduction tools in a way that stimulates the participation of the private sector in development, especially projects for adaptation to climate change, This reinforces the role of the bank, which has already directed more than half of its portfolio to the private sector.
reviewed “Al-Mashat”, The European Investment Bank’s participation in the Egypt Forum for International Cooperation and Development Finance, To be held ahead of the COP27 climate summit, Which will represent a gathering of African governments to exchange visions and experiences and discuss trends ahead of the climate conference, With the aim of advancing climate action on the continent that contributes the least amount of harmful emissions, It is one of the regions most affected by climate change.
Pilot Muhammad Manar: We look forward to more cooperation with the Bank in financing projects to develop the civil aviation sector
For his part, Pilot Mohamed Manar, Minister of Civil Aviation, expressed his happiness to meet with Mrs. Gelsomina Vigliotti, Vice President of the European Investment Bank for the Levant region, and the high-level delegation accompanying her, which comes within the framework of strengthening aspects of cooperation between the Ministry of Civil Aviation and the European Investment Bank in the field of financing Egyptian civil aviation projects in coordination With the Ministry of International Cooperation, where pilot Mohamed Manar thanked Dr. Rania Al-Mashat for the continuous and fruitful cooperation between the Ministries of Aviation and International Cooperation and the great efforts made by the Ministry in coordinating with various international financing institutions and providing all facilities for projects to develop the civil aviation sector.
Pilot Mohamed Manar affirmed the Ministry of Civil Aviation’s keenness to enhance cooperation with the European Investment Bank, noting that during his meeting with the Vice President of the European Investment Bank, he reviewed a number of projects in the aviation sector and the possibility of the Bank’s participation in financing a number of these projects, expressing his aspiration for further cooperation and partnership with The European Investment Bank to contribute to the development of the air transport sector.
On her part, Mrs. Gelsomina Viglioti said, The distinguished and fruitful cooperation with the Ministry of International Cooperation, And my partners in the bank in Cairo and in Luxembourg allow the European Investment Bank to support projects that Egypt and the European Union have identified as a priority.
Vice President of the European Investment Bank: Continuous coordination between the government and the Bank enhances the impact of climate action activities in Egypt and support the private sector
Vigliotti added, That Egypt is the largest country in which the European Investment Bank operates outside Europe, In addition, the close coordination between the Egyptian government and the Bank contributes significantly to accelerating the impact of climate action activities, as well as cooperation in the energy, water, transportation, and support sectors for the private sector. which millions of Egyptians benefit from every day, She explained that she discussed with the Ministers of International Cooperation and Aviation during the meeting opportunities for joint cooperation and new support that the European Investment Bank could provide to Egypt in the coming years.
It is worth noting that since 1979, The European Investment Bank has pumped about 14 billion euros into Egypt for the public and private sectors. About 53% of them are for the private sector and commercial banks, and 47% for the government sector. This has boosted development efforts in various development sectors.