Egypt and the European Bank for Reconstruction and Development in a sustainable partnership
Egypt and the European Bank for Reconstruction and Development in a sustainable partnership
Since the beginning of its new era, Egypt has been seeking to establish development partnerships at the global level, an approach that is consistent with the goals of sustainable development and contributes significantly to addressing climate action issues. One of the best of these partnerships is concluding international agreements with multilateral and bilateral development partners, such asThe European Bank for Reconstruction and Development, which, in cooperation with Egypt, aims to establish a development partnership that produces sustainable achievements in many sectors such as health, electricity, transportation, housing, education, and women’s empowerment.
This development partnership between Egypt and the European Bank for Reconstruction and Development dates back to 1991, when Egypt became one of the founding members of the bank, and after that – in 2012 – the bank decided that Egypt would be a potential country of operations, before it turned into a full country of operations in 2015. Since then, this bilateral cooperation has contributed to achieving the national development vision consistent with the Sustainable Development Goals (SDGs).
With this standpoint – in order to strengthen bilateral cooperation efforts – Dr. Rania Al-Mashat, “Minister of Planning, Economic Development and International Cooperation,” met with Ms. Odile Renaud Basso, “President of the European Bank for Reconstruction and Development – EBRD,” during the COP29 activities in the Azerbaijani city of Baku. This is to discuss the current and future cooperation portfolio between Egypt and the Bank, review joint projects, and identify new areas of cooperation that meet the needs and priorities of the Egyptian government, and this is in accordance with its national agenda, “Egypt Vision 2030.”
At the beginning of the meeting, Dr. Rania Al-Mashat expressed her deep appreciation for the strategic relations between Egypt and the European Bank for Reconstruction and Development, noting that the bilateral relationship between Egypt and the Bank has achieved achievements in the energy sector through the “Novi” program, where Egypt – in cooperation with the European Bank for Reconstruction and Development – was able to mobilize climate investments and concessional financing for projects based on new and renewable energy sources.
In extension, the Minister – Minister of Planning, Economic Development and International Cooperation – confirmed that the joint efforts between Egypt and the European Bank for Reconstruction and Development have resulted in the energy sector – so far – in the signing of agreements for renewable energy projects with a capacity of 4.7 gigawatts, in addition to providing financial support to the private sector in the form of soft financing amounting to $2.5 billion.
In the same context, Al-Mashat drew attention to the fact that the role of multilateral development banks has become more important than ever before, especially in light of the challenges facing the world in recent years. This requires enhancing integration between the various parties. To support the ability of countries – developing and emerging countries – and help them implement their development vision.
Accordingly, Dr. Rania Al-Mashat – Minister of Planning, Economic Development and International Cooperation – expressed her full happiness with this effective cooperation, looking forward to increasing the axes of this development partnership between Egypt and the European Bank for Reconstruction and Development, with a focus on developing human capital in all sectors, and supporting community work within the framework of comprehensive sustainability through national initiatives, such as the “Decent Life” initiative.
In conclusion,Earth Guards cannot help but praise such efforts, which Egypt is making through its international development partnerships, which have a positive impact in increasing rates of economic growth and making citizens’ lives more sustainable. In the end, sustainable development is nothing but the impact that we all feel in our lives and the lives of our future generations.
