5 prominent stations between Egypt and the European Bank to support renewable energy projects

5 Notable stations between Egypt and the European Bank to support renewable energy projects

As the world is witnessing successive and accelerating efforts in the field of sustainable development, Egypt is one of the countries that, with its regional and global influence, plays a very important role in advancing the efforts of this vital field, especially with regard to projects based on renewable energy.

In this context, Egyptian efforts are based on effective partnerships with parties concerned with efforts to achieve Sustainable Development Goals (SDGs) in various sectors, including the European Bank for Reconstruction and Development, and this is through development milestones that have been going on for decades, something thatEarth Guards has explained to you in light of the visit of Mrs. Odile Renaud Basso, President of the European Bank for Reconstruction Reconstruction and Development”, as she is visiting Egypt these days on an official visit in which she discusses current and future aspects of cooperation between the Bank and the Egyptian government, represented by the Ministry of Planning, Economic Development and International Cooperation.

Stations between Egypt and the European Bank

First station

The relationship between Egypt and the European Bank for Reconstruction and Development goes back to the year of the bank’s founding; That is, in 1991, when Egypt was one of the founding members.

Second Station

In 2010, Egypt submitted an official request to become an operating country, which was achieved in May 2011 when the bank’s scope of work was expanded to include the countries of the South and the Middle East. Among these countries is Egypt, in whose various sectors the bank has implemented – since 2012 – a number of green projects.

Third Station

Then the headquarters of the European Bank for Reconstruction and Development was opened in Cairo, specifically in November 2014; In order to support the implementation of its programs with a greater impact on the Egyptian investment environment.

Fourth Station

Then in October 2018, Egypt became a country of internal operations for the bank, and this was following the signing of a joint declaration of intent in March of the same year during the Sharm El-Sheikh Economic Conference.

Fifth Station

In the fifth stage, the bank’s investments in Egypt during the year 2024 amounted to about 1.5 billion euros within 26 projects. Which reflects confidence in the investment climate and the ongoing economic reforms.

Today – after all these fruitful years – the bank’s total investments in Egypt have reached about 13.8 billion euros, distributed among 194 projects. About 86% of these projects have been allocated to the private sector, and these investments are distributed – in detail – into three main sectors: They are: 61% for financial institutions, 23% for sustainable infrastructure, and 16% for corporate finance; To make the bank one of the most prominent multilateral development institutions supporting the private sector – local and foreign – in Egypt.

The bank also focuses its activities inside Egypt on improving the investment climate for small and medium enterprises, enhancing food security by supporting trade in agricultural products, modernizing the financial sector, in addition to supporting the renewable energy sector, improving energy efficiency, developing infrastructure, and enhancing transportation services.

In the context of the new cooperation strategy – a strategy adopted last February – the efforts of the European Bank for Reconstruction and Development in Egypt are based on three main axes: They are: achieving comprehensive and sustainable economic growth, accelerating the transition towards renewable energy, enhancing competitiveness, and increasing the private sector’s contribution to the Egyptian economy.

This positive partnership was reflected in Egypt topping the countries of the South and Eastern Mediterranean in terms of the volume of banking operations for the seventh year in a row in 2024, and ranking third globally among the member states of the Bank. It is clear evidence of the success of Egyptian economic diplomacy.

Novi Projects

The bank is a major partner in the energy axis within the national platform for “Novi” projects, which aims to attract investments for renewable energy projects. Since its launch in 2022, the bank has contributed to providing financing exceeding $3.9 billion to implement projects with a production capacity of 4.2 gigawatts, in cooperation with several international partners.

Hence, all those Egyptian efforts exerted in green transformation projects in all sectors reveal beyond any doubt that Egypt is on the right development path, through multilateral partnerships and relations that care about the life of the Egyptian citizen, which was confirmed by Dr. Mostafa Madbouly – Prime Minister – in his meeting with Mrs. Odile Renaud Basso and her accompanying delegation at the government headquarters in the New Administrative Capital, and in the presence of Dr. Rania Al-Mashat. “Minister of Planning, Economic Development, International Cooperation and Egypt Governorate at the Bank.”

In this meeting, the Minister pointed out the extent of positive developments in the Egyptian economy, especially in non-oil manufacturing industries, tourism, communications and information technology. Therefore, Dr. Rania Al-Mashat appreciated this fruitful cooperation between Egypt and the Bank.

In conclusion, these efforts and those fruitful years of constructive development partnerships are the ideal image and the right path towards a more sustainable life, within a framework of justice and transparency among all segments of Egyptian society, which is the vision on which the Earth Guards policy is based; In order to achieve the Sustainable Development Goals (SDGs).