CAIRO – 3 March 2024: The European Bank for Reconstruction and Development (EBRD) has committed $95 million in credit lines to banks and provided contributions to Egyptian private sector companies, starting from the beginning of 2024, according to a statement by Minister of International Cooperation (MOIC), Rania Al Mashat.
The EBRD provided investments exceeding €12 billion since 2012. Over 80 percent of these investments were directed towards the private sector, resulting in the implementation of 174 projects across various development sectors.
These came during the meetings between Al Mashat, representatives of the bank's board of directors, and Vice President of the EBRD, Mark Bowman.
One of the key topics of discussion between Al-Mashat and the EBRD's Vice President was the progress of Egypt's Platform for the Nexus of Water, Food, and Energy (NWFE). The EBRD plays a crucial role as the primary development partner in this area.
The NWFE program aims to establish renewable energy generation projects with a capacity of 10 gigawatts, requiring investments of $10 billion. This initiative is part of
Egypt's broader efforts to increase the proportion of renewable energy in its total energy generation to approximately 42 percent by 2030.
Additionally, the Italian Agency for Development has committed €2 million to the EBRD to launch a program aimed at supporting Egyptian startups and small enterprises. This collaboration was formalized through the signing of a cooperation protocol between the two entities in February.
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