Green economy, private sector major themes of EBRD's President visit to Egypt

CAIRO – 21 April 2021: President of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso announced that the green economy and private sector are major themes of her visit to Egypt.

Basso tweeted that One of her first actual, as opposed to virtual, visits to an EBRD country as President is to Egypt

She added that she is in Egypt and “very much look forwarding to meeting our partners & friends today & tomorrow.”

One of my 1st actual, as opposed to virtual, visits to an #EBRD country as President is to #Egypt

I'm here & very much look forwarding to meeting our partners & friends today & tomorrow.

The #greeneconomy & private sector are major themes of my trip.#BuildBackBetterEconomies pic.twitter.com/XI0pb6o1zR

— Odile Renaud-Basso (@OdileRenaud) April 21, 2021

President of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso visits Cairo on April 21 and 22, in her first visit to the region since her election in October 2020.

Egypt’s Ministry of International Cooperation commented on the visit earlier saying that choosing to visit Cairo on her first visit to the region comes within the framework of the strategic cooperation between Egypt and the EBRD; in 2020, Egypt was the top destination for the bank’s investment in the Southern and Eastern Mediterranean (SEMED) Countries, and in 2018/2019, Egypt was the largest country of operations across all regions.

“This visit coincides with EBRD’s 30th anniversary celebration in April. Over the course of thirty years, the EBRD has invested in more than 6000 projects worth $150 billion, in various countries of operation,” it added.

Egypt’s Ministry of International Cooperation is working on streamlining efforts with the European Bank for Reconstruction and Development (EBRD) to catalyze Egypt's transition towards a green economy, according to Minister Rania Al-Mashat.

The Minister of International Cooperation and Egypt’s Governor at the European Bank for Reconstruction and Development (EBRD) Rania A. Al-Mashat, stated Wednesday 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.

EBRD’s new strategy (2021-2025) was approved in the annual meeting last October. The strategy is based on three pillars: supporting the transition to a green economy and promoting environmental sustainability; promoting equal opportunity through access to skills and employment for women and young people; and accelerating the digital transition.

The Minister explained in a release, that in line with the first pillar supporting the transition to a green economy and promoting environmental sustainability, the Ministry is partnering with the EBRD to launch an initiative that aims to develop the Green Cities Action Plan (GCAP) to support Egypt’s transition towards a green economy.

Al-Mashat referred to the exerted efforts to boost the country’s green transition, which puts Egypt at the top amid countries supporting the green economy at the regional level. The Ministry’s projects portfolio is streamlined according to the  sustainable  development agenda; for instance Jabal al-Zeit wind farm and Aswan’s Benban Solar Park are two green projects implemented in collaboration with the private sector and various development partners including  EBRD, the European Union (EU), and the African Development Bank (AFD). Moreover in September 2020, Egypt issued $750 million in green bonds; in what was the region’s first sovereign offering of climate-friendly securities.

The Minister mentioned that the partnership with the EBRD works on supporting national efforts to enhance the transition towards a green economy; supporting all projects that consider environmental sustainability standards, be it under the public or the private sector. She stressed that the bank is committed to supporting the countries of operations in enhancing and accelerating the low-carbon economy.

As for the second pillar; promoting equal opportunity through access to skills and employment for women and young people, Al-Mashat reviewed the efforts exerted within this framework showcasing the “Closing the Gender Gap Accelerator” action plan launched earlier this year to push towards an inclusive economy.  The Ministry of International Cooperation, together with the National Council for Women (NCW), the World Economic Forum and the private sector launched the accelearor’s action plan; which is the first of its kind public-private collaboration model in Africa, and the Middle East and North Africa. The action plan lists clear tasks and indicators to increase women’s participation in the labour force, close gender gaps in remuneration and investment, advance more women into management and leadership positions, and hardwire gender parity in the future of work.

In 2020, Egypt won Silver and Bronze prizes as part of the EBRD’s 2020 Sustainability Awards, respectively for the “Sustainable Energy” category, and the “Gender and Economic Inclusion” category.

Regarding the third pillar; digital transformation, Al-Mashat explained that the Ministry is currently coordinating with the World Bank to provide technical support to the Egyptian government in the development of the real estate registration system and land management in Egypt. A national program is expected to be launched in order to update and automate the real estate registration system, in order to document all estates by 2030.

The initiative, "Our Digital Opportunity” is another stride towards a paperless government. The Information Technology Industry Development Agency (ITIDA) launched the initiative in order to encourage the participation of Small and Medium-sized Enterprises (SMEs) in the digital transformation framework, and to increase the competitiveness of these companies in the local and global market.

“Future Work is Digital” (Egypt FWD) is another project supervised by ITIDA in partnership with the public and private sectors. The project offers a scholarship to train the youth in the fields of information technology through a virtual academy.