She met Dr. Rania Al-Mashat, Minister of International Cooperation, Governor of Egypt at the European Bank for Reconstruction and Development, Dr. Beata Javorcic, Chief Economist at the European Bank for Reconstruction and Development In the presence of Dr. Heike Harmgart, Regional Director for the Southern and Eastern Mediterranean Region at the Bank, This is within the framework of the periodic meetings held by the Ministry of International Cooperation to consolidate economic relations between Egypt and its multilateral and bilateral development partners. Within the framework of the directives of President Abdel Fattah El-Sisi to maximize the benefit of development cooperation efforts, To support the country’s development vision.
The meeting witnessed discussions on a number of axes of joint work. Among them are the repercussions of the current global developments and the Russian-Ukrainian crisis, as well as the repercussions of the Corona pandemic on the developing and emerging economies, and the efforts undertaken by the state to overcome these challenges in order to continue efforts to achieve development, The development cooperation portfolio between Egypt and the Bank was also discussed. And cooperation within the framework of Egypt’s hosting of the Conference of the Parties to the United Nations Climate Convention COP27.
The Minister of International Cooperation, On the role of the European Bank for Reconstruction and Development, and the European Union, To provide green finance to the private sector, strengthening value chains, Through two programs worth 220 million euros, Through them, financing is provided to the private sector in the energy and water sectors, as well as solutions to enhance resource efficiency.
and they disscused the “Activity” Government preparations to host the United Nations Climate Change Conference COP27, The periodic follow-up by the Council of Ministers of the steps taken by all parties regarding the organizational preparations for the convening of the conference, Given its great importance to the whole world, As well as focusing on Africa, which is one of the continents most affected by climate change and the least contributing to harmful emissions, Supporting local and regional efforts to transition to a green economy.
The Minister of International Cooperation, On the need for developing and emerging countries to cooperate with international financial institutions on stimulating innovative financing tools and blended financing in a way that stimulates the participation of the private sector in implementing projects to adapt to the repercussions of climate change, She explained that the Ministry of International Cooperation is working with multilateral and bilateral development partners, including the European Bank, to determine the axes of developing these tools in Egypt.
She explained that the Ministry of International Cooperation is working with multilateral and bilateral development partners, including the European Bank, to determine the axes of developing these tools in Egypt. The Bank was keen to consolidate cooperation with Egypt in various development fields. Especially in light of the preparations for the presidency of the Climate Conference in its twenty-seventh session, She also thanked the Ministry of International Cooperation for the joint work to launch the transitional report on digital transformation from Cairo, And that these reports represent an important factor in monitoring the development of indicators in the countries of operations of the Bank to enhance cooperation and unify efforts to move forward towards achieving development.
Egypt and the European Bank launched last February, Common Country Strategy 2022-2027, In a ceremony that included many ministries, stakeholders, development partners, the private sector and civil society, The strategy aims to achieve three main axes: achieving a more inclusive and sustainable economy for the business community, women and youth, accelerating the transition to a green economy, Enhancing competitiveness, increasing growth rates, stimulating the role of the private sector in development, and strengthening governance rules.
It is worth noting that the relationship between the Arab Republic of Egypt and the European Bank for Reconstruction and Development dates back to 1991. Joint cooperation with the European Bank for Reconstruction and Development is working to accelerate the realization of the national development vision that is consistent with the UN goals for sustainable development. Over the years 2018, 2019, 2020, And in 2021, Egypt was the largest country of operations in the European Bank for Reconstruction and Development in the Southern and Eastern Mediterranean region. The total investments of the Bank since the beginning of its operations in 2012 amounted to about 8.6 billion euros in 145 projects at the state level. Of these, 76% are financed by the private sector and 24% by the government sector.
The Ministry of International Cooperation launched the annual report for the year 2021. Under the title “Effective Development Cooperation.. to Build a Better Future”, Which revealed the development finances that have been agreed upon with multilateral and bilateral development partners, amounted to 10.2 billion dollars, Of these, $8.7 billion for various sectors of the state, and $1.5 billion for the private sector.
