The House of Representatives approved the decision of the President of the Arab Republic of Egypt No. 122 of 2022 regarding the approval of a loan agreement (Alexandria Metro) between Egypt and the EBRD in the amount of €250 million, signed in Cairo on Dec. 27, 2021, according to a statement.
GlobalCorp for Financial Services is specialized in non-banking financial services in Egypt.
The session was moderated by Heike Harmgart, Regional Director for the Southern and Eastern Mediterranean at the European Bank for Reconstruction and Development.
She expected hydrocarbon energy purchases from Egypt to rise in the future.
The Minister highlighted in the meeting that Egypt pursues a win-win approach in all partnerships, as it aims to achieve complementarities and to share Egypt’s experience in development financing to other countries through South-South and triangular cooperation.
Egypt's economy showed resilience in the face of the pandemic, as it has done better than other countries, he further said.
The Minister noted that women and girls are recognized as effective change-makers for climate adaptation and mitigation.
The EBRD elaborated in a statement that the upgrade of the infrastructure and electrification of an existing rail line will make it the first high-capacity metro line in Alexandria.
The EBRD clarified in a statement that it is helping Egypt to achieve its renewable energy potential and to transition to a greener economy through this strategy.
EBRD elaborated that this new public-private partnership and policy dialogue platform will develop skills-gap analysis, skills development strategies, qualification frameworks and occupational skills standard.
SCZONE elaborated that this phase is based on the establishment of an integrated digital and interactive service, enabling it to fully manage the services provided, and integrate new services into a digital platform in accordance with the framework organizational body.
𝘛𝘩𝘦 𝘯𝘦𝘸 𝘤𝘰𝘶𝘯𝘵𝘳𝘺 𝘴𝘵𝘳𝘢𝘵𝘦𝘨𝘺 𝘤𝘰𝘮𝘦𝘴 𝘢𝘵 𝘢 𝘱𝘪𝘷𝘰𝘵𝘢𝘭 𝘵𝘪𝘮𝘦 𝘵𝘩𝘢𝘵 𝘦𝘤𝘩𝘰𝘦𝘴 𝘨𝘭𝘰𝘣𝘢𝘭 𝘴𝘦𝘯𝘵𝘪𝘮𝘦𝘯𝘵 𝘵𝘰 𝘥𝘳𝘪𝘷𝘦 𝘵𝘩𝘦 𝘨𝘳𝘦𝘦𝘯 𝘧𝘪𝘯𝘢𝘯𝘤𝘦 𝘢𝘨𝘦𝘯𝘥𝘢 𝘧𝘰𝘳𝘸𝘢𝘳𝘥 𝘢𝘯𝘥 𝘢𝘥𝘥𝘳𝘦𝘴𝘴 𝘤𝘭𝘪𝘮𝘢𝘵𝘦 𝘤𝘩𝘢𝘯𝘨𝘦, 𝘦𝘲𝘶𝘪𝘵𝘺, 𝘢𝘯𝘥 𝘨𝘰𝘷𝘦𝘳𝘯𝘢𝘯𝘤𝘦, according to Minister Rania Al-Mashat.
Three other international partners are also taking part in the project.
Foreign Minister Sameh Shoukry asserted on Saturday that endorsing the new strategy for cooperation between Egypt and the European Bank for Reconstruction and Development (EBRD) coincides with Egypt's efforts to attain sustainable development in a way that achieve the Egyptian nation's aspirations at political, economic and cultural levels.
He will visit the Suez Canal Economic Zone and meet its Chairman, Yehia Zaki. While there, he will also meet the Governor of Alexandria, Mohamed Taher El Sherif, the business community and EBRD clients, according to the bank.
This falls within the framework of joint efforts to support transition to green economy and sustainable growth, it added in a statement.
Al-Mashat stated that the new Country Strategy comes in support of the strategic relations between Egypt and the EBRD, and is an outcome of the extensive series of consultations and meetings over the past year, with the participation of all national entities, the private sector, and the civil society, to take into consideration all the national priorities and the goals of the upcoming period, with regards to “Egypt Action” Program plan, and the presidential initiatives, such as the “Decent Life” presidential initiative.
The bank stated that growth in Egypt slowed from 3.6 percent to 3.3 percent in the fiscal year ending June 2021.
EBRD noted that the loan will be provided under the EBRD’s Women in Business program. It will be used to support privately owned micro, small and medium-sized enterprises (MSMEs) that are owned by women, especially in governorates other than Greater Cairo and Alexandria.
The meeting also addressed current projects underway as part of the cooperation portfolio between the two sides and Egypt's efforts to carry out the green transformation.