This twin-track approach integrates green growth in Egypt’s national development plans through national and international-level actions, Al-Mashat added.
The acquisition is to improve the availability and affordability of medicines, using an investment platform with an initial capital commitment of $250 million.
Central to the plan is a commitment to invest in job creation and prosperity, as well as recognizing the significant role that the private sector as an engine for economic growth, using a two-pronged approach that provides a labor force for employers looking for talent and opportunities for workers seeking to advance in the modern labor market."
This step comes as a responding to the impact of the coronavirus pandemic on the Egyptian economy by boosting green finance and the development of value chains for the private sector.
The minister referred to Egypt’s growth rate despite the recession caused by COVID-19 pandemic, referring to the expectations for Egypt to hit 5 percent growth rate during 2021.
The EBRD's new strategy is based on reducing carbon emissions to strengthen sustainable development, providing equal opportunities and empowering women, as well as applying digital transformation, the statement added.
As a representative of Egypt and governor of the EBRD, the minister will review the bank’s new economic recovery plan for 2021-2025.
EBRD clarified that this fund is to boost the resilience of the financial sector in Egypt and support equity financing to small and medium-sized businesses.
EBRD and Egypt have fostered a strong partnership over the years with the purpose of implementing several projects to accelerate the pace of Egypt’s development journey.
The loan will also strengthen farmers’ agribusinesses and improve their financial wellbeing through financing purchases of various agricultural commodities such as hazelnuts, dry dairy products, grain and onions in selected countries of operation.
EBRD announced Wednesday supporting the real economy in Egypt with a $ 200 million financing package to Banque Misr for trade and for on-lending to small and medium-sized enterprises (SMEs) and private businesses – a key segment of the local economy - impacted by the coronavirus pandemic.
EBRD will provide a $ 100 million loan to enable Banque Misr to provide short-term financing to private SMEs and corporates facing liquidity strains due to a decrease in their activities and turnover caused by Covid-19.
The proceeds of the proposed loan will be on-lent to local private small and medium-sized enterprises and to corporates, supporting them in bridging liquidity needs.
The contribution of the EBRD comes within the framework of the Ministry of International Cooperation’s endeavor to provide the necessary funds for development projects and diversification of funding sources,
EBRD supports Egypt’s New Urban Communities Authority in its plans to diversify funding sources by tapping the debt capital market with an investment of LE 1.5 billion.
EBRD will provide a $100 million loan to help NBE provide short-term loans to private small and medium-sized enterprises and firms facing liquidity strains.
EBRD agreed to provide $100 million in financing to the Commercial International Bank, to re-lend it to private sector projects in Egypt.
Funding will be allocated to small and medium-sized companies, to support them in meeting their needs amid the negative economic effects of the coronavirus pandemic.
The financing comes for the completion of the project of improving the performance of the oil and gas sector in Egypt.
Al-Mashat noted that this loan is to address the economic impact of the coronavirus pandemic.