EBRD president: Economic reforms behind Egypt’s success to achieve positive growth rate amid pandemic

CAIRO – 23 April 2021: President of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso said Egypt has been one of few countries who could achieve a positive growth rate amid the pandemic thanks to the economic reforms it has implemented since 2016.

In a meeting with Egyptian Prime Minister Mostafa Madbouli during her first visit as EBRD chief to Egypt, Renaud-Basso also hailed the importance Egypt has attached to green economy and renewable energy, an Egyptian Cabinet statement read on Thursday.

She affirmed EBRD’s keenness to continue supporting Egypt in all the fields that serve the goals of sustainable development.

Madbouli said the structural reform program the government intends to announce soon includes important measures concerning the adoption of green economy strategy.

This comes as Egypt has become one of the leading countries in the region in the field of renewable energy, Madbouli said.

The prime minister said Egypt also attaches importance to the issues of climate change and environment. He added that the National Council for Climate Change is working to draft a national strategy in this regard.

The meeting, attended also by International Cooperation Minister Rania El-Mashat, discussed other chances of cooperation with EBRD, including water desalination and digital transformation.

Mashat said Egypt is keen to boost its cooperation with EBRD during the coming period, as the country is planning to implement projects that endorse the green recovery strategy, water desalination and other priority issues.

Renaud-Basso met earlier during her visit to Egypt with President Abdel Fattah El-Sisi. At the meeting, she said the Egyptian economic reform program has contributed to the recovery of the Egyptian economy, raising growth rates and maximizing direct foreign investments.

Also, during her visit, EBRD, the Egyptian government, and the private sector signed a development financing agreement and 3 memoranda of understanding (MoUs) in support of the green transition and Egypt’s 2030 vision.