CAIRO - 25 February 2024: The European Bank for Reconstruction and Development (EBRD) will receive €2 million from the Italian Agency for Development to initiate a program that will offer support to startups and small enterprises in Egypt.
This collaboration was formalized through the signing of a cooperation protocol between the two entities, in the presence of the Ministry of International Cooperation (MoIC).
Recognizing the significance of global partnerships in advancing various aspects of progress, the MOIC plays a crucial role in strengthening relations and coordination with both multilateral and bilateral development partners.
By means of the Egypt-EBRD country strategy for the period 2022-2027, the MoIC seeks to achieve the strategy's three core objectives.
MOIC aims to achieve three key objectives outlined in this strategy, which involve supporting Egypt's comprehensive economic growth, facilitating the transition to a green economy, and promoting the role of the private sector in development.
Minister Rania Al Mashat, expressed appreciation for the ongoing collaboration with Italy, particularly their financial support for numerous development projects spanning different sectors.
The Egyptian-Italian relations in international partnerships have reached €89 million, specifically directed towards supporting sectors such as agriculture and small-scale projects, according to MoIC’s report.
The report also highlights a debt swap program for development valued at $350 million.
Since 2012, the EBRD has invested over €11 billion in Egypt, with 80 percent of these funds allocated to the private sector.
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