Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, discussed with Odile Renaud Basso, President of the European Bank for Reconstruction and Development (EBRD), the current and future cooperation portfolio between the Arab Republic of Egypt and the EBRD, joint projects, and identifying new areas of future cooperation in line with… With the priorities of the Egyptian government.
They also discussed efforts to mobilize soft financing and private sector investments for energy projects under the “Novi” program, during their participation in the COP29 climate summit activities, in Baku, the capital of Azerbaijan.
At the beginning of the meeting, Dr. Rania Al-Mashat expressed her appreciation for the fruitful strategic relations between Egypt and the European Bank for Reconstruction and Development, stressing that this relationship reflects the continuous progress in cooperation between the two sides and the success in building strong and influential partnerships.
She added that the European Bank for Reconstruction and Development (EBRD) assuming responsibility as the main development partner for the energy axis of the “Novi” program created an exceptional experience through which Egypt, in cooperation with the Bank, was able to mobilize climate investments and concessional financing for renewable energy projects.
She explained that so far, joint efforts between the Ministry, national authorities and the European Bank for Reconstruction and Development have been able to sign renewable energy project agreements with the private sector with a capacity of 4.7 gigawatts and mobilize soft financing for the private sector from the European Bank and other development banks and international partners with a value of more than $2.5 billion. .
Al-Mashat confirmed that efforts with the bank are continuing to implement the program’s targeted capacity, which is estimated at about 10 gigawatts, in conjunction with the shutdown of 12 thermal power plants with a capacity of 5 gigawatts, in order to implement the goals of the national strategy for integrated and sustainable energy and reach the percentage of renewable energy to 42%. of total energy by 2030.
She stressed that what was achieved through the “Novi” program, especially in the energy sector, prompted many governments to use the expertise shared between the government and development partners to repeat the experience.
Al-Mashat confirmed that cooperation between Egypt and the European Bank for Reconstruction and Development has witnessed tangible progress over the past five years. The two sides have worked closely in various fields, which has contributed to paving the way for achieving the development goals that Egypt seeks to achieve in accordance with its strategic vision, stressing the importance of Activating cooperation with the Bank in order to increase innovative financing for the private sector.
Al-Mashat pointed out that the role of multilateral development banks has become more important than ever in light of the flexibility and ability to adapt that these banks have demonstrated to face the urgent challenges represented by the Corona pandemic.
She explained that what our world is going through today requires strengthening this role and achieving integration between various parties in order to support the ability of countries, especially developing and emerging countries, to move forward towards implementing their development vision, especially since the bank is working to expand the scope of its work to include more countries.
Dr. Rania Al-Mashat expressed her aspiration to work more cooperatively with the bank, focusing on developing human capital, including the health and education sectors, promoting agricultural development through initiatives such as “Decent Life,” developing the industrial sector, and enhancing the competitiveness of the private sector, which contributes to In creating sustainable job opportunities and achieving comprehensive economic growth.
It is worth noting that the relationship between the Arab Republic of Egypt and the European Bank for Reconstruction and Development goes back to 1991, where Egypt is a founding member. The Bank took a decision that Egypt was a potential country of operations in 2012, before Egypt turned in 2015 into a full country of operations, and joint cooperation is working. With the European Bank for Reconstruction and Development to accelerate the pace of achieving the national development vision that is consistent with the United Nations goals for sustainable development.
Egypt is considered one of the founding members of the European Bank, and became a full operating country in 2012, as this helped support development efforts in Egypt by investing more than 12 billion euros directed to both the government and private sectors, through 178 projects and financing operations, and more than 80 % of these investments are for the private sector, which enhances its role in supporting the national economy and stimulating growth.
