EBRD officials reviewed Egypt’s macroeconomic indicators, noting that the economy’s resilience and flexibility as it achieved positive growth despite the pandemic
Minister of International Cooperation (MoIC) Dr. Rania A. Al-Mashat chaired the final round of negotiations with the European Bank for Reconstruction and Development (EBRD) on the new Country Strategy for 2021/2026.
EBRD officials reviewed Egypt’s macroeconomic indicators, noting that the economy’s resilience and flexibility as it achieved positive growth despite the pandemic.
According to a MoIC statement, the new Country Strategy rests on three pillars: achieve a more inclusive economy for the business environment, youth and women; accelerate the pace towards green economy in order to achieve food security, tap on skills and capabilities to attract investments in new technologies and to expand renewable energy; and to enhance competitiveness through growth and boosting the resilience of SMEs to support their growth.
The country strategy aligns with Egypt’s plan to forge Egypt’s leadership in green transition, enhance investments in human capital, boost productivity and employment rates, explained Al Mashat.
The strategy is expected to be finalized by February 2022.
She emphasized the Ministry of International Cooperation’s keenness to launch the new joint strategy, which reflects the visions and priorities of the relevant national authorities; accelerating the support of the private sector’s role in development.
Attending the meeting were EBRD’s Managing Director for the Southern and Eastern Mediterranean, Dr. Heike Harmgart; Associate Director and Deputy Head of Egypt at the EBRD, Khalid Hamza; and a number of senior officials from over 20 government agencies and institutions, such as the Ministries of Planning and Economic Development, Tourism and Antiquities, Water Resources and Irrigation, Transportation, Housing, Utilities and Urban Development, and Environment.
During the meeting, representatives from the participating ministries and government institutions presented their inquiries and sectoral priorities regarding the new strategy, and shared their perceptions of joint frameworks during the coming period.
The workshops are part of a series of negotiations with the EBRD, states Al Mashat, in order to tackle the preparations for the new country strategy for cooperation, and to ensure the strategy’s consistency with Egypt's Vision 2030, and the UN’s Sustainable Development Goals (SDGs) to advance ongoing development efforts.
The negotiations come within the framework of the strong partnership between Egypt and the bank, which has played a profound role in pushing forward development efforts across various fields for the public and private sectors.
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Since 2021, the EBRD has invested more than €7.7 billion in 143 projects into Egypt, more of 75% of which were allocated to the private sector.
In addition, in 2021, the EBRD has provided development financing to the private sector amounting to EUR 288.3 million, to develop sectors of renewable energy, Small and Medium-sized Enterprises (SMEs), agriculture, manufacturing services, etc.