Al-Mashat noted that the Egyptian government values its
strategic partnership with the EBRD, which has consistently demonstrated a
shared commitment to supporting sustainable development and empowering the
private sector as a key driver of economic growth. She highlighted that since
2012, the bank has played a central role in improving the business environment
through targeted private sector financing, governance reforms, capital market
development, and competition enhancement, contributing to broader economic
participation and job creation.
She explained that the partnership with the EBRD is part of
a wider collaboration between the government, multilateral development banks,
and international institutions. This partnership aims to expand blended and
innovative financing mechanisms to attract investment, diversify project
funding sources, and empower the private sector in Egypt, thereby reducing
reliance on debt.
Al-Mashat pointed out that the EBRD serves as the main
partner in the energy pillar of the national "NWFE" program. The bank
has actively mobilized concessional and innovative financing for the private
sector since the program’s launch, totaling around $5 billion since 2022, to
support renewable energy projects and Egypt’s green and equitable transition
toward clean energy.
She added that the timing of the First Vice President’s
visit highlights the strong ties between the two sides, particularly as the
government implements economic and structural reforms to improve the investment
climate and strengthen macroeconomic stability. The visit also reinforces
coordination in blended and innovative finance, which has become a primary tool
for promoting private investment in infrastructure, energy, industry, and green
projects.
Al-Mashat said that cooperation with the EBRD will continue
to expand existing partnerships, especially amid ongoing structural reforms and
improving economic indicators. She emphasized that this approach will mobilize
additional resources, support projects with broad developmental impact, advance
the green transition, and empower the private sector as a cornerstone for
achieving sustainable development goals. She noted that the €1.8 billion
European Investment Guarantee Facility will open new avenues for the bank to
increase private sector financing in Egypt.
At the start of the visit, Dr. Al-Mashat witnessed the
signing of a $100 million concessional financing agreement between the EBRD and
the National Bank of Egypt. The visit will also include intensive bilateral
meetings between the bank’s First Vice President and government and private
sector officials, in addition to the signing of several agreements.
According to the Ministry’s Private Sector Development
Finance Report issued mid-year, the EBRD leads multilateral development banks
in financing Egypt’s private sector, accounting for 22% since 2020. The bank
highlighted 94 deals worth $3.5 billion across multiple sectors, including
industry, energy, infrastructure, financial institutions, and banking.
The relationship between Egypt and the EBRD has seen
significant progress over the past five years. Both sides have collaborated at
various levels to empower the private sector and drive development. Egypt is a
founding member of the EBRD, and since operations began in 2012, the bank has
invested over €13.8 billion in 209 projects, about 80% of which are private
sector initiatives. Egypt will also be the EBRD’s largest country of operations
in the Southern and Eastern Mediterranean (SEMED) region for the seventh
consecutive year in 2024.