Davos: Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Egypt's Governor at the European Bank for Reconstruction and Development (EBRD), engaged in discussions with Ms. Odile Renaud-Basso, President of the EBRD, during the World Economic Forum (WEF) in Davos 2026. The meeting focused on strengthening joint relations with the EBRD, a key multilateral development partner for Egypt.
According to State Information Service Egypt, Dr. Al-Mashat emphasized the importance of coordinating with the EBRD to enhance innovative financing for the private sector, highlighting the utilization of the European Investment Guarantee mechanism introduced last year. She commended the cooperation on the energy pillar of the "NWFE" program, which successfully secured $4.5 billion in concessional financing from development partners for private sector projects totaling 5.2 GW. She acknowledged the signing of Power Purchase Agreements (PPAs) for projects amounting to 8.25 GW and noted ongoing efforts to achieve the program's full 10 GW target.
Dr. Al-Mashat also underscored the collaboration with the EBRD and other development partners in implementing the Industrial Decarbonization Program, launched by the Climate Investment Funds (CIF). This initiative represents the first global concessional financing effort dedicated to reducing emissions in the industrial sectors of developing countries, supporting national efforts toward climate investments and industrial green transition.
The meeting also covered global challenges and topics from Davos, particularly those affecting emerging markets, geopolitical tensions, and the consistent challenges to international cooperation. Dr. Al-Mashat highlighted the necessity of strengthening international partnerships to safeguard developmental gains.
The relationship between Egypt and the EBRD has seen considerable growth across various sectors over the past five years. As a founding member, the EBRD has invested over pound 13.8 billion in 209 projects in Egypt since 2012, with about 80% of these investments going to the private sector. In 2024, Egypt was the largest country of operations in the Southern and Eastern Mediterranean (SEMED) region for the EBRD for the seventh consecutive year.