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.
EBRD’s Vice President of Banking, Alain Pilloux, is visiting Egypt from 17 to 20 October for high-level meetings with government officials to discuss the upcoming country strategy, meet the business community and sign projects.
The EBRD has provided financing for the implementation of 143 projects, more than 75% of which are for the private sector, according to Rania Al-Mashat, Minister of International Cooperation.
Egypt’s Minister of International Cooperation Dr. Rania A. Al-Mashat, chaired the final round of negotiations for the preparations of the new Country Strategy with the European Bank for Reconstruction and Development (EBRD) 2021/2026.
Regarding Egypt, The EBRD described Benban solar project as one of its flagship projects, describing it as the largest solar park in Africa and one of the largest in the world.
According to EBRD, 15 percent of the total loan amount is being co-financed by the Green Climate Fund (GCF).
EBRD clarified that the loan, which includes $ 7.5 million of concessional finance from the Green Climate Fund, will be used for on-lending to households and local small and medium-sized enterprises (SMEs).
According to EBRD's report, it predicted that growth would decline during the fiscal year 2020/2021 to reach 2.5 percent, with expectations that it would rise during the new fiscal year 2021/2022 to reach 4.5 percent.
Business France is organizing a series of meetings between French companies and Egyptian counterparts as well as international financial organizations.
As many as 22 royal mummies were transferred to the museum this month in a glitzy three-mile parade that has captured international attention.
Renaud-Basso also hailed the importance Egypt has attached to green economy and renewable energy, an Egyptian Cabinet statement read on Thursday
Renaud-Basso said the Egyptian economic reform program has contributed to the recovery of the economy, raising growth rates and maximizing direct foreign investments.
In a quote tweet to the EBRD’s President, Al-Mashat said that she is looking forward to a rich, diverse and busy trip, and the many opportunities ahead to expand our portfolio, fostering green and inclusive recovery with more private sector engagement.
Basso tweeted that One of her first actual, as opposed to virtual, visits to an EBRD country as President is to Egypt
In the private sector, €2.5 billion is dedicated to 93 projects making up for 58 percent of the portfolio. In the public sector, €1.9 billion is dedicated to 14 projects making up for 42 percent of the portfolio.
Al-Mashat, stated that the new 2021-2025 strategy adopted by the EBRD is in line with the Government of Egypt’s priorities and the national development agenda.
“The upcoming visit reflects the close relations Egypt has with the European Bank for Reconstruction and Development and opens new horizons of cooperation," Egypt's Minister Al-Mashat commented.
They also discussed in a meeting the preparations for the first visit of the EBRD’s President to Egypt, Odile Renaud-Basso.
EBRD clarified in a statement that the financing package is for trade financing and on-lending to local micro-, small and medium-sized companies (MSMEs).