Harmgart stated that the pressure of global food prices has led to more diversification strategies.
Harmgart expressed her eternal optimism with in particular, labor costs slow in and with declining exchange rate in big markets like Egypt.
The report noted that increased gas exports, Egypt's role as an energy hub in the eastern Mediterranean, and the implementation of business-environment reforms supported by the International Monetary Fund (IMF) were main factors to the positive outlook
Egypt’s Samcrete was awarded two contracts valued at €36.6 million to build new sewage networks and pump stations in Fayoum and Al Kharafi will design and build a new wastewater treatment plant with a 35k cbm/d capacity in a €23.9 million contract.
Minister of Planning and Economic Development and Chairwoman of The Sovereign Fund of Egypt (TSFE) Hala El-Said attended Wednesday the signing ceremony.
The EBRD is a current shareholder in the company, having invested $60 million in 2020.
The new funding comprises a $ 4.95 million loan from the EBRD and a $ 550,000 concessional loan from the Global Environment Facility (GEF) to finance the construction and operation of a 7 MWp solar photovoltaic (PV) project in El Minya.
The EBRD elaborated that the loan follows the success of the Green Economy Financing Facility (GEFF) in Egypt, and will support an expansion of green lending in Egypt to under-served regions for investments in climate change mitigation and adaptation technologies and services.
President Abdel-Fatah El-Sisi received, Wednesday, Odile Renaud Basso, President of the European Bank for Reconstruction and Development (EBRD), in the presence of Prime Minister, Mostafa Madbouli, Minister of Foreign Affairs, Sameh Shoukry, and Minister of International Cooperation, Rania Al-Mashat.
"The EBRD helped Egypt green its economy and generate growth and opportunities for its citizens across the country," she added.
President Abdel Fattah El Sisi said Egypt highly values distinguished relations with the European Bank for Reconstruction and Development (EBRD),
The European Bank for Reconstruction and Development's (EBRD) financing in Egypt may exceed 1 billion euros this year in light of Egypt's hosting of the climate change conference (COP27) in November, said Managing Director for the EBRD’s Southern and Eastern Mediterranean (SEMED) region Heike Harmgart.
According to Mashat, all efforts are meant to build up toward realizing sustainable development goals.
The House of Representatives approved the decision of the President of the Arab Republic of Egypt No. 122 of 2022 regarding the approval of a loan agreement (Alexandria Metro) between Egypt and the EBRD in the amount of €250 million, signed in Cairo on Dec. 27, 2021, according to a statement.
GlobalCorp for Financial Services is specialized in non-banking financial services in Egypt.
The session was moderated by Heike Harmgart, Regional Director for the Southern and Eastern Mediterranean at the European Bank for Reconstruction and Development.
She expected hydrocarbon energy purchases from Egypt to rise in the future.
The Minister highlighted in the meeting that Egypt pursues a win-win approach in all partnerships, as it aims to achieve complementarities and to share Egypt’s experience in development financing to other countries through South-South and triangular cooperation.
Egypt's economy showed resilience in the face of the pandemic, as it has done better than other countries, he further said.
The Minister noted that women and girls are recognized as effective change-makers for climate adaptation and mitigation.