Deputy President of the European Bank for Reconstruction and Development (EBRD) Alan Pilloux asserted that EBRD would continue to back the Egyptian economy in a number of key sectors, noting that the private sector is benefiting from 80 percent of the total portfolio of the bank’s funding.

This came during a meeting held Prime Minister Mostafa Madbouli and the EBRD’s deputy-president and his accompanying delegation, who are currently visiting here. Minister of International Cooperation Rania El Mashat, Managing Director for the Southern and Eastern Mediterranean (SEMED) region at the European Bank for Reconstruction and Development (EBRD) Heike Harmgart, Director of EBRD’s Office in Egypt Khaled Hamza and a number of the bank officials attended the meeting.

The meeting covered a number of joint work files and aspects of cooperation.

During the meeting, Pilloux voiced thanks and appreciation for Madbouli who was keen to meet with EBRD’s officials during their current visit to Egypt, reflecting the interest of the Egyptian government in cooperating with EBRD.

Pilloux also said that there is a need for expanding the scope of cooperation with Egypt in view of the new policies of the Egyptian economy and the recent initiatives which required more cooperation, citing the government Initial Public Offerings (IPOs) and the national Nexus of Water, Food, and Energy (NWFE) Program.

He also explained that EBRD’s work in Egypt is not only focused on supporting the private sector, but the bank has plans to support the projects implemented by the government, praising the mega projects and roads network which have recently been established nationwide.

The EBRD’s deputy president also discussed the bank’s plans to support the new and renewable energy projects, the green hydrogen projects in the Suez Canal Economic Zone (SCZone). He asserted that the Egyptian government could depend on the bank’s support to this important sector.

Madbouli, on his part, said that the government is looking forward to more fruitful cooperation with EBRD especially the file of climate change, energy as well as water desalination projects.

The premier also asserted that the Egyptian state was keen on proceeding with its support to the private sector, noting that the recent measures of IPOs of 32 companies as well as the State Ownership Policy Document which gains backing of President Abdel Fattah El Sisi.

Mashat, on her part, said Egypt is the first destination of EBRD’s investment with total investments of dlrs 1.3 billion.

She also highlighted Egypt’s strategic relations with EBRD which were reflected in promoting development in several sectors especially the small and medium-scale projects, combating climate change as well as women empowerment and employment opportunities.

EBRD has been active in Egypt since 2012. During this time, the Bank has rapidly scaled up its activities, with a total portfolio of more than 10 billion euros covering around 160 projects in the fields of finance and banking, agricultural industries, manufacturing, services as well as infrastructure projects of energy, water, sanitary drainage and transport.

Source: State Information Service Egypt