Cairo: Dr. Mostafa Madbouly, Prime Minister of Egypt, hosted a meeting with Mrs. Odile Renaud-Basso, President of the European Bank for Reconstruction and Development (EBRD), at the government headquarters in the New Administrative Capital. The discussion centered around the bank's plans to bolster various sectors of the Egyptian economy in the forthcoming phase, with Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, also in attendance.
According to State Information Service Egypt, the Prime Minister commenced the meeting by extending a warm welcome to Mrs. Renaud-Basso and her delegation. He expressed appreciation for the strategic partnership with the EBRD, highlighting how it has increased the bank's project portfolio in Egypt, primarily focusing on financing and supporting the private sector. Since Egypt became an operational country for the EBRD in 2012, there has been a significant rise in investment volume from both public and private sectors, reaching approximately £14 billion across 194 projects.
Dr. Madbouly emphasized Egypt's position as the largest operational country for the EBRD in the Southern and Eastern Mediterranean region for the seventh consecutive year in 2024. He identified new and renewable energy as a crucial area of cooperation under the National Platform for Green Projects, known as the "Novi" programme. The Prime Minister voiced optimism for ongoing collaboration with the EBRD, maintaining the same level of enthusiasm and pace in executing joint projects.
Dr. Rania Al-Mashat elaborated on the cooperation areas between the Egyptian government and the EBRD, focusing on renewable energy, water desalination, and green hydrogen. She noted that over 90% of the bank's operations in Egypt are targeted at the private sector. The investments directed towards private sector operations in the past year were approximately £1.5 billion, covering sectors such as food, agriculture, manufacturing, and renewable energy.
Mrs. Odile Renaud-Basso reaffirmed the EBRD's commitment to supporting the Egyptian economy, particularly the private sector. She expressed hope for increased support in the upcoming phase and reviewed the bank's contributions to renewable energy, health, digital transformation, the offerings programme, and water desalination. Basso acknowledged Egypt's efforts in implementing tax, customs, and legislative reforms to bolster the private sector.
The EBRD President also outlined future plans to support youth, empower women, and assist small and medium-sized enterprises. The meeting concluded with discussions on the current international economic conditions and their impacts on various countries.