Harvest Report of the 32nd Annual Meetings of the European Bank for Reconstruction and Development 2023
Electing Egypt as First Vice-President of the Board of Governors of the European Bank for the term Coming from the annual meetings in Armenia
More than one billion euros are investments targeted by the European Bank for Reconstruction and Development within a year 2027 for the private sector in Egypt
Development cooperation projects between Egypt and the Bank within the “Green Cities” program
And the “Digital Transformation Program in the Suez Canal Region” is strongly present during the meetings with promotional films
an agreement To move forward in increasing investments directed to the private sector and implementing energy axis projects within the “Novi” program
in the presence of The Uzbek President .. Showing a promotional film on the digital transformation project in the Suez Canal region as a model for development cooperation projects with the European Bank for Reconstruction and Development
The President of the European Bank for Reconstruction and Development praises during the main session the “Novi” program as a model for platforms to stimulate climate action
680 One million euros in financing approved by the Bank for the banking sector to support small and medium enterprises within a year 2027
Reflecting the distinguished relationship with the European Bank.. The Egyptian banking sector continues to reap awards presented to the most active banks in financing foreign trade
The European Bank for Reconstruction and Development is a major partner in the implementation of the energy hub projects within the “Novi” program and supports the first national strategy for green hydrogen
Egypt approves decisions to extend the bank’s operations to sub-Saharan Africa and Iraq.. and an emphasis on Egypt’s distinguished position as a gateway to the bank’s expansion in Africa Dr. Rania Al-Mashat, Minister of International Cooperation and Governor of Egypt at the European Bank for Reconstruction and Development, concluded her participation in the course 32 of the annual meetings of the European Bank for Reconstruction and Development, which were held in Samarkand, Uzbekistan, under the slogan “ Investing in Flexibility”, with the participation of delegations 32 of a member state of the Bank And senior officials of the Uzbek government, where the meetings witnessed Egyptian participation, reflecting the common relations between the two sides and the efforts exerted to support the achievement of sustainable and comprehensive development that began in 2012, and around More than 05 billions of euros investments in 100 projects more than 123 % of which are directed to the private sector. During the plenary session of the Board of Governors of the European Bank for Reconstruction and Development, Egypt, represented by Dr. Rania Al-Mashat, Minister of International Cooperation and Governor of Egypt at the Bank, was elected First Vice-President of the meetings for the next session scheduled for next year in Armenia, reflecting the strong relations between the Arab Republic of Egypt and the Bank. European Union for Reconstruction and Development and its export to the bank’s operating countries at the level of the southern and eastern Mediterranean region over a period of 5 years.
Multiple meetings with senior management of the Bank, the private sector and government representatives
During the meetings, the Minister of International Cooperation, Ms. Odell, met Renu Basu, President of the European Bank for Reconstruction and Development, and senior leaders of the bank, including Ms. Catherine Tech, Executive Director of the Egypt, South Korea, Australia and New Zealand Group on the Bank’s Board of Directors, where they discussed the future of partnership between the two sides, especially with regard to efforts to implement the energy axis within the “Novi” program Where the bank assumes the role of the main development partner, discussing efforts to mobilize private sector investment, and providing blended financing, within the state’s objectives to increase the participation of the private sector in development.
The Minister of International Cooperation also discussed the bank’s continued support for the green hydrogen strategy, in implementation of the country’s vision and in light of the axes of the country’s strategy with the bank 2022-2023, and preparations for the visit of the bank’s board of directors to Egypt during next October, as it was agreed upon Holding several forums and workshops that stimulate private sector participation in development efforts in Egypt.
I also discussed The Minister of International Cooperation, with officials of the Saudi company ACWA Power working in the field of renewable energy, discussed ways to increase investments and build on the company’s current investments in Egypt in the fields of water desalination and renewable energy, as the company is implementing a solar power plant in the city of Kom Ombo, which is the largest for the private sector in Egypt. Recently received financing from the European Bank and other international institutions, in the amount of 100 million dollars To implement the project.
Promoting Egypt’s development stories Emphasizing Egypt’s leadership in development efforts and strong relations with the European Bank and its reflection on Egypt’s development vision and efforts to stimulate the green transition, the European Bank for Reconstruction and Development presented a promotional film To highlight the projects that are being implemented in Egypt within the framework of partnership with the Bank within the “Green Cities” program, through which the Bank aims to help cities meet environmental challenges, improve the quality of life, and combat the effects of climate change, through an action plan that is being implemented, to shift towards green cities. and the availability of green funds for projects to be implemented in various fields; It aims to include 100 cities around the world by 2024.
The bank presented the 6th of October city dry port projects, the project to rehabilitate the second line of the subway, and the Abu Qir metro project in Alexandria, in light of the close partnership between Egypt and the bank and the accession of 3 Egyptian cities to the green cities program, which are Greater Cairo Governorate, Alexandria Governorate, and Sixth of October City. 2050
Besides that offer The European Bank for Reconstruction and Development, the European Bank selected the digital transformation project at the General Authority for the Economic Zone of the Suez Canal, and projects from 3 other countries, selected from among 059 A member state of the Bank, to present it during the main session of the meetings, which witnessed the participation of the Uzbek President, as one of the pioneering projects that stimulate investments in Egypt and enhance the role of the region as a destination for investments Global.
https://www.ebrd.com/…/live-video-premiere -the-ebrd…
During the main session, Mrs. Odile Renaud Basso, President of the European Bank for Re Reconstruction and development, a speech in which she praised the national platform for green projects, the “Novi” program, as a model for platforms to stimulate climate action.
Private Sector Investments
Dr. Rania Al-Mashat, Minister of International Cooperation, said that the relations between the Arab Republic of Egypt And the European Bank for Reconstruction and Development is reflected in strengthening development efforts in many sectors, especially small and medium enterprises, combating climate change, promoting job opportunities, and stimulating the private sector. Last year, the European Bank approved financing worth about 737 million euros for the private sector to support small and medium enterprises, pointing out that the investments targeted by the European Bank for Reconstruction and Development for the private sector in Egypt amount to about one billion euros during the current year.
The Minister of International Cooperation stated that the European Bank is a major partner for the government in implementing the energy axis within the national platform. Program for green projects C “Novi”, as within the framework of this axis, a financial closure agreement was signed for the project to establish the new wind farm – located near Ras Ghareb in the Gulf of Suez region – with a capacity of 500 megawatts, within the energy axis of the “Novi” program, with investments 680 Million dollars; Funded by several institutions, including the European Bank, the Bank is also supporting the first national green hydrogen generation strategy through memorandums of understanding and partnerships signed during the climate conference 32.
During the meetings, Dr. Rania Al-Mashat, Minister of International Cooperation, received an award presented by the European Bank to an Egyptian bank, within the Trade Finance Program, which reflects the role of partnership with the bank in advancing development efforts and strengthening the role of the private sector in various fields and sectors.
Egypt approves new decisions to expand the scope of the bank’s operations.
The Governor of Egypt at the Bank approved the decisions taken regarding the amendment of the Articles of Association to enable the European Bank to expand its operations in sub-Saharan Africa, And Iraq, which reflects the growing role of the European Bank and multilateral development banks to support development efforts and climate action in various countries.
In her speech, she affirmed Egypt’s willingness to cooperate with the Bank, to serve as a gateway to the Bank’s expansions in the African continent, based on its strong relationship with the continent, and its role in enhancing South-South cooperation to transfer expertise and development experiences to African countries. It is noteworthy that during 2021, the draft of the new Country Cooperation Strategy with the European Bank for Reconstruction and Development for the period 2022-2027 was completed, and on February 9, 2022 The strategy was finally approved, and it is based on three main axes: supporting the state’s efforts to achieve comprehensive and sustainable economic growth, accelerating the green transition, enhancing competitiveness, increasing growth rates and stimulating the role of the private sector, and taking into account national strategies and Egypt’s vision 2050 and the National Strategy for Climate Change 2050, presidential initiatives and reform measures to represent a framework for formulating the strategy For the next five years, the most important of which are the Presidential Initiative for a Decent Life, the Human Rights Strategy, the National Strategy for Sustainable Energy 2035, the National Strategy for Women’s Empowerment, Competitiveness and Digital Transformation.
