European Bank for Reconstruction and Development
The high-level meeting reflects the strong and evolving partnership between Egypt and the EBRD.
Egypt’s structural reform efforts—particularly in renewable energy—have strengthened its investment climate and enabled access to innovative financing, says Al Mashat
Additionally, the lender reduced its projection for Egypt’s fiscal year ending in June 2025 to 3.6 percent, reflecting a 0.4 percentage-point decline from earlier predictions, according to its latest Regional Economic Prospects report.
Since 2012, cooperation between the two has led to investments totaling €13.8 billion across 194 projects, with over 84 percent of these funds directed towards the private sector, according to Al Mashat.
The project, implemented by Suez Wind, is a private consortium jointly owned by ACWA Power and HAU Energy, with investments from EBRD, Hassan Allam Utilities, and Meridiam Africa Investments.
The discussions focused on expanding the cooperation portfolio and exploring new areas aligned with Egypt's governmental priorities.
The multi-year contract, funded by the EBRD, will enable Transfora—part of Agility Global—to implement a comprehensive enterprise management platform tailored for SCZone.
On a calendar-year basis, Egypt's economy is projected to grow by 3.2 percent in 2024, with an optimistic increase to 4.5 percent in 2025.
On the sidelines of day two of the Egypt-EU investment conference, PM Madbouly underscored Egypt's commitment to economic reform and its impact on fostering a conducive investment climate, citing achievements such as stabilizing the foreign exchange rate and supporting the private sector
The EBRD forecasted Egypt’s GDP to rise by 4.8 percent during FY2023/2024, driven by recent reforms to boost private sector growth and easing of external and fiscal vulnerabilities
Harmgart said that discussions are currently underway with The Sovereign Fund of Egypt (TFSE) to discuss the possibility of purchasing a minority stake in the United Bank and the Banque du Caire
Estimates indicate that natural gas production declined by 9.3 percent year-on-year in the first half of 2023, reaching its lowest level in three years.
EBRD’s Youth in Business Program (YiB) is dedicated to supporting privately owned microenterprises or young entrepreneurs under the age of 35.
Maya Hennerkes, the Director for Green Financial Systems at the Climate Strategy and Delivery Department of the European Bank for Reconstruction and Development (EBRD), said that Egypt is on the right track towards a green and sustainable energy transition.
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
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 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.
GlobalCorp for Financial Services is specialized in non-banking financial services in Egypt.
The EBRD clarified in a statement that it is helping Egypt to achieve its renewable energy potential and to transition to a greener economy through this strategy.
