Cairo – Mubasher: Minister of International Cooperation and Governor of Egypt at the European Bank for Reconstruction and Development (EBRD), Rania El-Mashat, met with Heike Harmgart, Managing Director for the Southern and Eastern Mediterranean (SEMED) region at the EBRD, at the Ministry’s headquarters in the presence of Khaled Hamza, Vice President of the EBRD’s Regional Office in Egypt, to unveil the new green recovery strategy.
Central to the plan is a commitment to invest in job creation and prosperity, as well as recognising the significant role of the private sector as an engine for economic growth, using a two-pronged approach that provides a labour force for employers looking for talent and opportunities for workers seeking to advance in the modern labour market, according to a statement on Sunday.
El-Mashat praised the strategic cooperation relations between Egypt and the EBRD and its contributions to financing several and diverse development projects in the last period, adding that Egypt was regarded as the largest country of operations last year, with a total investment of about EUR 2.3 billion, 60% dedicated to the private sector.
The minister added that Egypt is looking forward to strengthening economic relations with the bank within the framework of its new strategy for 2021-2025, which is based on three main outcomes: supporting the transition to a green economy, enhancing environmental sustainability, and reducing carbon emissions, as well as promoting equal opportunities for women and accelerating the pace of digital transformation.
For her part, Heike Harmgart, Managing Director for the Southern and Eastern Mediterranean (SEMED), expressed that the bank is dedicated to support the national development priorities of Egypt, particularly in regards to directing more support to the private sector and investing in the green economy.
She also praised the role played by the Ministry of International Cooperation in coordinating between the EBRD and government agencies in Egypt to implement development projects; holding the first meeting to prepare the "Macroeconomic Diagnostic" report.
The EBRD recently issued a report on Egypt’s economy, indicating that Egypt is the only operating country in the region that will escape a recession and achieve positive growth by 2% in 2020, then 5% in 2021.
The bank held its annual meetings last October, which were held virtually due to the COVID-19 pandemic, with the participation of El-Mashat as Egypt's governor at the bank, and during the meetings, the bank's board of governors adopted the 2021-2025 strategy that seeks to increase the share of green financing to at least 50% of its total financing by 2025, in addition to strengthening the focus on the private sector by increasing its share in the bank’s investments to more than 75%.
It is worth noting that Egypt is currently the largest country of operations for the EBRD, with total investments of about EUR 6.8 billion in 123 projects, of which the private sector acquires about 60%, while the portfolio of ongoing projects is about EUR 4.6 billion.
Egypt won the silver and bronze awards as a part of EBRD's Sustainability Awards that recognise achievements in five specific categories: sustainable energy, climate resilience, environmental and social best practice, environmental and social innovation, and gender and inclusion.
