Cairo: Minister of Planning and Economic Development and Egypt's Governor at the European Bank for Reconstruction and Development, Rania Al-Mashat, welcomed Odile Renaud-Basso, President of the EBRD, at the ministry's headquarters in the new administrative capital. The meeting marked a significant step in the ongoing collaboration between Egypt and the EBRD during Renaud-Basso's official visit to the country.
According to State Information Service Egypt, the discussion primarily focused on preparations for the EBRD's annual meeting and business forum for 2025, set to occur from May 13 to 15 in London. This event aims to bolster cooperation between the Egyptian government and the bank under a strategic partnership framework. The meeting also addressed the current and future cooperation portfolio and explored ways to enhance investments in private sector projects. Egypt, a founding member of the EBRD, is one of the bank's largest operational countries globally.
Dr. Rania Al-Mashat highlighted the strategic partnership with the EBRD, noting that the bank has invested over pound 13.8 billion (approximately 790 billion Egyptian pounds) in the Egyptian economy since 2012. These investments have predominantly supported the private sector, accounting for more than 86% of the total. Al-Mashat emphasized the EBRD's confidence in the Egyptian economy, particularly in the renewable energy sector, where structural reforms have attracted innovative financing for numerous projects.
Ms. Odile Renaud-Basso confirmed the strong ties between the EBRD and Egypt, expressing the bank's commitment to further invest in the local market. Last year, the EBRD injected approximately pound 1.5 billion (around 86 billion Egyptian pounds) into the market, and Renaud-Basso expressed a desire to expand cooperation into more developmental areas.
Dr. Rania Al-Mashat also reviewed Egypt's positive economic indicators, highlighting the government's approach to comprehensive economic development. This approach is led by the private sector and focuses on tradable and exportable sectors. She mentioned the government's efforts to enhance macroeconomic stability and structural reforms, aiming to provide a favorable investment environment and suitable business climate.
The minister discussed the partnership with the EBRD and other development partners in the energy axis of the "Novi" programme, which has successfully mobilized concessional financing for private sector investments in renewable energy projects. She outlined plans to attract around $10 billion (506 billion Egyptian pounds) for renewable energy capacities of 10 gigawatts by 2028, aligning with Egypt's national integrated and sustainable energy strategy.
Al-Mashat referred to the 2022-2027 country cooperation strategy with the EBRD, reflecting Egypt's commitment to achieving comprehensive and sustainable development. This strategy focuses on supporting inclusive economic growth, enhancing the green economic transition, and increasing growth opportunities.