Sun, 15 Nov 2020 - 01:59 GMT
Sun, 15 Nov 2020 - 01:59 GMT
CAIRO – 15 November 2020: Egypt was regarded as the largest country of operations in 2019 for the European Bank for Reconstruction and Development (EBRD), with a total investment of about €1.2 billion, 60 percent of which dedicated to the private sector, Minister of International Cooperation Rania Al-Mashat said Sunday.
Moreover, Egypt is currently the largest country of operations for the European Bank for Reconstruction and Development, with total investments of about €6.8 billion in 123 projects, of which the private sector acquires about 60 percent, while the portfolio of ongoing projects is about €4.6 billion.
Al-Mashat, praised the strategic cooperation relations between Egypt and the European Bank for Reconstruction and Development and its contributions to financing several and diverse development projects in the last period.
This came during Al-Mashat’s meeting with Heike Harmgart, Managing Director for the Southern and Eastern Mediterranean (SEMED) region at the European Bank for Reconstruction at the Ministry’s headquarters in the presence of Khaled Hamza, Vice President of the Bank's Regional Office in Egypt, to unveil the new green recovery strategy.
“Central to the plan is a commitment to invest in job creation and prosperity, as well as recognizing the significant role that the private sector as an engine for economic growth, using a two-pronged approach that provides a labor force for employers looking for talent and opportunities for workers seeking to advance in the modern labor market,” she clarified.
The Minister added that Egypt is looking forward to strengthening economic relations with the bank within the framework of its new strategy for 2021-2025, which is based on three main outcomes: supporting the transition to a green economy, enhancing environmental sustainability and reducing carbon emissions, as well as promoting equal opportunities for women and accelerating the pace of digital transformation.
For her part, Harmgart expressed that the bank is dedicated to support the national development priorities of Egypt, particularly in regards to directing more support to the private sector and investing in the green economy.
She also praised the role played by the Ministry of International Cooperation in coordinating between the European Bank for Reconstruction and Development and government agencies in Egypt to implement development projects; holding the first meeting to prepare the "Macroeconomic Diagnostic" report.
The European Bank for Reconstruction and Development recently issued a report on the Egypt’s economy, indicating that Egypt is the only operating country in the region that will escape a recession and achieve positive growth by 2 percent in 2020, then 5 percent in 2021.
The European Bank for Reconstruction and Development held its annual meetings last October, which were held virtually due to the COVID-19 pandemic, with the participation of the Minister of International Cooperation as Egypt's governor at the bank, and during the meetings, the Bank's Board of Governors adopted the 2021-2025 strategy that seeks to increase the share of green financing to at least 50 percent of its total financing by 2025, in addition to strengthening the focus on the private sector by increasing its share in the bank’s investments to more than 75 percent.
Egypt won the silver and bronze awards as a part of EBRD's Sustainability Awards that recognize achievements in five specific categories: sustainable energy, climate resilience, environmental and social best practice, environmental and social innovation, and gender and inclusion.