The visit highlights the growing partnership between Egypt and the EIB, aimed at promoting sustainable development, addressing climate change, and stimulating economic progress.
President of European Investment Bank (EIB), Nadia Calvino, met Egypt's Minister of International Cooperation (MOIC), Rania Al-Mashat in EIB’s Luxembourg headquarters, to discuss the EIB’s financing and technical support for priority investment that improves economic opportunities for millions of Egyptians.
“Egypt is a key partner for the European Investment Bank, and I was delighted to welcome Minister Al-Mashat to Luxembourg today at our headquarters to explore how we can further deepen our cooperation," said EIB President Nadia Calviño.
The visit highlights the growing partnership between Egypt and the EIB, aimed at promoting sustainable development, addressing climate change, and stimulating economic progress.
"Today's discussions pave the way for more collaboration in the future reflecting the shared commitment of Egypt and the European Union to promote impactful investments in clean energy, sustainable transport, water and SMEs across the country via Egypt’s NWFE platform and as part of the upcoming EU-Egypt Strategic and Comprehensive Partnership,” Calviño added.
This partnership will be facilitated through Egypt's Country Platform for the Nexus of Water, Food and Energy (NWFE) platform and as part of the upcoming EU-Egypt Strategic and Comprehensive agreement.
Al Mashat indicated that The EIB holds a prominent position as one of Egypt's key multilateral development partners and a significant member of Team Europe. Additionally, it actively participates in a diverse array of development projects spanning crucial economic sectors.
According MOIC’s report, since 1979, the total bank investments and development financing for Egypt's government and private sectors reached €13.7 billion.
The EIB is the largest financing development partner for the private sector in Egypt, and according to the annual report of the MOIC, the total financing and investments provided by the bank to the private sector in the period from 2020 to 2023 amounted to about $2.8 billion.
The value of the ongoing cooperation portfolio to finance state development projects amounts to $3.6 billion to finance 18 development projects in various sectors, including: transportation, environment, water and sanitation, small and medium-sized companies, and civil aviation.
The report highlighted that the Bank pledged to provide soft financing worth €4 billion in 2030 for NWFE program.
