Egypt's economy showed resilience over past 2 years - EBRD official

CAIRO - 9 March 2022: The Egyptian economy has shown resilience in the face of the crises that have swept the entire globe over the past two years, affirmed Vice President for Policy and Partnerships at the European Bank for Reconstruction and Development (EBRD) Mark Bowman.

 

In an interview with Nile News TV on Wednesday evening, Bowman said that the Covid-19 pandemic has had a profound impact on the work of the EBRD.

 

Egypt's economy showed resilience in the face of the pandemic, as it has done better than other countries, he further said.

 

The new country strategy for cooperation between Egypt and the EBRD 2022-2027 has been launched, he said, adding that the strategy focuses on three key priorities identified in cooperation with the Egyptian government and aligned with its ambitious reform program.

 

The three strategic priorities focus on promoting a more inclusive economy for Egyptian businesses, women and youth, accelerating Egypt’s green economy transition and enhancing the country’s competitiveness by supporting private-sector growth and strengthening governance, he went on to explain.

 

Talking about Egypt's host to the UN Climate Change Conference in November 2022 (UNFCCC COP27), Bowman said that the conference will represent a real opportunity for Egypt to show its aspirations regarding climate challenge.

 

There is a tangible progress in terms of reforms and the available opportunities in Egypt, he further said.

 

He, meanwhile, pointed out to the EBRD's role in supporting Egypt in its efforts to diversify its energy mix by financing renewable energy projects and energy efficiency investments .

 

He further hailed Egypt's Benban Solar Park in Aswan, considering it the largest solar power plant in the world.

 

Asked if the conflict between Russia and Ukraine will affect the global economy, Bowman said that this crisis has intensified uncertainty in the world economy, pointing out to the increase in energy.

 

All countries are urged to adopt economic reforms in order to be able to deal with the serious knock-on effects of the crisis, he concluded.