International Cooperation Minister Dr Rania el Mashat met Monday with national bodies concerned with outlining a new country strategy with the European Bank for Reconstruction and Development (EBRD) for2021-2026.

The meeting was attended by Heike Harmgart, Managing Director of the EBRD for the Southern and Eastern Mediterranean (SEMED).

Mashat said that workshops had been organized over the past period and focused on details of preparing the new country strategy, noting that all government bodies effectively participated in those discussion groups.

The aim was to make sure that the new strategy met government demands to be able to implement Egypt’s development vision and the sustainable development goals, the minister said.

The Ministry of International Cooperation had launched negotiations with the EBRD over the past days, with representatives of 17 national government institutions taking part.

The negotiations followed the approval of the Bank’s three-fold strategy resting on: supporting the transition to a green economy and enhancing environmental sustainability; promoting equal opportunities; and accelerating digital transformation.

In 2020, Egypt was the EBRD’s largest country of operations in SEMED region, accounting for more than €1bn to finance 21 projects, which comprise 47% of the bank’s total investments in the region.

Egypt was also the largest country of operations for two consecutive years in 2018 and 2019. The current cooperation portfolio between Egypt and EBRD amounts to about $1.6bn.

Source: State Information Service Egypt