Al-Mashat: European investments for reconstruction exceed 7.7 billion euros since starting his work in Egypt

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Al-Mashat: It is intended to complete the joint strategy for development cooperation with the European Bank for Reconstruction and Development by February 2022

The Ministry of International Cooperation said that the total investments of the European Bank for Reconstruction and Development since its inception in Egypt exceed 7.7 billion euros, which supported the implementation of 143 projects, more than 75% of which are for the private sector.

Dr. Rania Al-Mashat, Minister of International Cooperation, chaired the final round of consultations managed by the ministry in coordination with the relevant national authorities, to prepare the new country strategy with the European Bank for Reconstruction and Development for the period from 2021-2026, which comes within the framework of the strong partnership between the Arab Republic of Egypt and the Bank, which contributed In advancing development efforts in various fields for the public and private sectors.

The meeting was attended by Dr. Heike Harmgart, Regional Director for the Southern and Eastern Mediterranean at the European Bank for Reconstruction and Development, Mr. Khaled Hamza, Vice President of the Bank’s Egypt office, and a number of Bank officials, as well as senior officials of more than 20 government agencies and institutions, including the ministries of Planning and Economic Development. Tourism, Antiquities, Water Resources, Irrigation, Transport, Housing, Local Development, Environment, Small, Medium and Micro Enterprises Authority, as well as the Ministry of International Cooperation’s work team.

Dr. Rania Al-Mashat, Minister of International Cooperation, said that the workshops that were held during the recent period as part of the consultations with the European Bank for Reconstruction and Development, witnessed the effective participation of all concerned government agencies to determine the details of preparing the new common country strategy, and to ensure that this strategy meets government requirements. To implement the country’s development vision and sustainable development goals, she explained that the consultations developed a framework based on transparency and constructive dialogue to direct cooperation with the European Bank towards meeting the development needs in Egypt through the strategy expected to be completed in February 2022.

The Minister of International Cooperation reviewed the achievements made within the framework of the Qatari strategy with the Bank for the period from 2015-2021, and how it strengthened the government’s plan and the “Egypt Launches” program 2018-2022, through which the government succeeded in implementing an economic reform program that contributed to strengthening the foundations of the macro economy and achieving development The focus is on the Egyptian citizen, pointing out that the priorities that were reached on the new strategy with the European Bank for Reconstruction and Development 2021-2026, are integrated with the government’s plan during the coming period and its endeavor to confirm the Egyptian leadership in the field of green transformation, increase investment in human capital and enhance investment in capital Human money, increased productivity and employment.

Al-Mashat stressed the keenness of the Ministry of International Cooperation to come up with a joint strategy that reflects the visions and priorities of the concerned national authorities, and takes into account the achievement of more support for the role played by the private sector in development, and is integrated with the national priorities aimed at achieving the 2030 Agenda for Sustainable Development.

The European Bank’s Regional Director affirms the bank’s continued commitment to financing public and private sector projects to support development efforts in Egypt

For her part, Heike Harmgart, Regional Director for the Southern and Eastern Mediterranean at the European Bank for Reconstruction and Development, affirmed the bank’s commitment to continuing joint work to finance projects for the public and private sectors to support development efforts in Egypt. She also thanked the Ministry of International Cooperation for its continued work and coordination with national parties participating in Preparing the strategy to unify visions and develop a strategy that meets all aspirations and promotes development in Egypt.

The Minister of International Cooperation addressed the results of effective partnerships with the European Bank for Reconstruction and Development to support the implementation of government projects as well as the private sector, explaining that the bank’s total investments since its inception in Egypt exceed 7.7 billion euros, which supported the implementation of 143 projects, more than 75% of which are for the private sector. Moreover, the development finances directed by the Bank to the private sector during the current year amounted to about 288.3 million euros, which promoted development in the sectors of renewable energy, small and medium-sized enterprises, agriculture, services, manufacturing and other sectors.

Al-Mashat touched on efforts to match development finances within the ongoing portfolio of the Ministry of International Cooperation with the UN goals for sustainable development, including the funds for the European Bank for Reconstruction and Development, which clarifies the vision and future steps with regard to international partnerships aimed at achieving sustainable development.

During the meeting, officials of the European Bank for Reconstruction and Development reviewed the Egyptian macroeconomic indicators, which succeeded in achieving positive growth during the past year by 3.6%, despite the repercussions of the Corona pandemic, which reflects the resilience and flexibility that characterized the economy in the face of the effects of the pandemic, explaining that the new country strategy targets Enhancing action on three general axes: the first is to achieve a more inclusive economy for the business community, youth and women, and the second is to accelerate the pace of transformation towards a green economy in order to achieve food security, raise skills and capabilities to attract investments in new technologies and expand renewable energy, and the third axis is to enhance competitiveness through growth through By enhancing the resilience and resilience of small and medium enterprises and supporting their expansion.

Representatives of the participating ministries and government institutions presented their inquiries and sectoral priorities regarding the new strategy, and their perceptions of joint frameworks during the coming period, within the competencies of each entity.

Negotiations between the government and the European Bank for Reconstruction and Development on the new strategy follow the approval of the Bank’s strategy, at the level of all countries of operation, which is based on three main axes: the first: supporting the transition to a green economy and enhancing environmental sustainability; The second axis: promoting equal opportunities between the sexes; The third axis: digital transformation.

It is worth noting that Egypt topped the list of the European Bank for Reconstruction and Development as the largest country of operations in the southern and eastern Mediterranean region during 2020, where the bank invested one billion euros to finance 21 projects, 47% of the bank’s total investments in the region, and Egypt was the largest A country of operations in 2018 and 2019, and the current portfolio of cooperation between Egypt and the Bank during 2021 amounts to about 1.6 billion dollars

Al-Mashat article: European investments for reconstruction exceed 7.7 billion euros since starting his work in Egypt was written in Al Borsa newspaper.