The meeting discussed the future of joint relations with the EBRD, which is considered one of Egypt’s leading multilateral development bank partners. Dr. Rania Al Mashat affirmed continued coordination with the Bank to expand innovative financing for the private sector, particularly in light of benefiting from the European Investment Guarantee mechanism that was activated last year.
Al Mashat praised cooperation with the EBRD in implementing
projects under the energy pillar of the Nexus of Water, Food, and Energy (NWFE)
program. She noted that these efforts mobilized USD 4.5 billion in concessional
financing from development partners for private sector projects with a capacity
of 5.2 gigawatts. She also highlighted the signing of power purchase agreements
for projects with a capacity of 8.25 gigawatts, noting that efforts are ongoing
to complete financing for projects under the NWFE program with a total capacity
of 10 gigawatts.
Dr. Al Mashat pointed to continued coordination with the
EBRD, alongside other development partners, to implement the Industrial
Emissions Reduction Program. She explained that the program was recently
launched by the Climate Investment Funds (CIF) and represents the world’s first
global concessional financing initiative dedicated to reducing harmful
emissions in the industrial sector in developing countries. She noted that this
comes as part of the state’s efforts to mobilize climate investments and
enhance the green transition in the industrial sector.
The two sides also addressed global challenges and the key
themes discussed at the World Economic Forum in Davos, particularly those
related to emerging market challenges, geopolitical tensions, and the repeated
tests facing international cooperation. Dr. Rania Al Mashat stressed that
global challenges require elevating the values of international cooperation and
strengthening partnerships to safeguard development gains.
The statement noted that relations between Egypt and the
EBRD have witnessed significant progress over the past five years through
cooperation at various levels to pave the way for private sector empowerment
and advance development efforts. Egypt is a founding member of the EBRD. Since
the Bank began operations in the country in 2012, it has invested more than EUR
13.8 billion in 209 projects, around 80 percent of which were directed to the
private sector. Egypt also ranked as the largest country of operations for the
EBRD in 2024 in the Southern and Eastern Mediterranean (SEMED) region for the seventh
consecutive year.