EBRD to Increase Annual Funding for 2021-2025 to Accelerate Economic Recovery

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Sat, 10 Oct 2020 - 01:22 GMT

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Sat, 10 Oct 2020 - 01:22 GMT

Minister of International Cooperation Rania Al-Mashat

Minister of International Cooperation Rania Al-Mashat

European Bank for Reconstruction and Development approved the bank's new strategy for 2021-2025 during the annual meetings that took place over the past week, and witnessed many important events, the most important of which is the election of the first woman president Odile Renaud Basso.
 
The new strategy will see it repositioning itself as a leader in green finance with an ambitious plan to become a majority green bank by 2025 and increasing the share of green financing to at least 50% of its total financing by 2025.
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In response to the COVID-19 crisis, the bank will enhance its activities in the following sectors: financial institutions, industry, commerce and agribusiness and sustainable infrastructure. 
 
It will focus on accelerating the pace of recovery caused by the pandemic, and strengthening the private sector by increasing its share in the bank’s investments to more than 75%.
 
INCREASE ANNUAL FUNDING TO 13 BILLION EUROS
 
The new strategy will see a rise in the bank’s investments from the previous years, as it seeks to increase its annual funding to nearly 13 billion euros compared to the previous record level of 10 billion euros in 2019, enabling it to address the challenges amid the COVID-19 pandemic.
 
For her part, Minister of International Cooperation and Governor of Egypt at the European Bank for Reconstruction and Development, Dr. Rania Al-Mashat, affirmed that Egypt commends the new strategy that the bank will seek to implement during the period from 2021-2025 in order to achieve a full green economy transition that is in line with the Egypt’s agenda.
 
Al Mashat praised the strategic relations with the European Bank for Reconstruction and Development, adding that the bank’s investments last year amounted to about 1.2 billion euros in 23 projects, of which 80% were for the private sector, which reflects the role played by the Ministry of International Cooperation to coordinate with multiple development partners to strengthen economic cooperation and contribute to Egypt’s sustainable development.
 
The current portfolio of ongoing projects of the European Bank for Reconstruction and Development in Egypt amounts to around 4.6 billion euros, of which 2.7 billion euros is dedicated to the private sector in 92 projects and about 1.9 billion euros for the public sector in 13 projects. The total portfolio is distributed accordingly: 45% for sustainable infrastructure, 23% for industry, trade and agribusiness, and 31% for financial institutions.

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