CAIRO- 26 February 2024: Minister of International Cooperation, Rania Al Mashat, recently paid a visit to the headquarters of the European Investment Bank (EIB) in Luxembourg, which serves as the financing arm of the European Union and is known as Europe's Climate Bank.
The purpose of the visit was to meet with the newly appointed President of the EIB, Calviño, and explore opportunities for enhancing collaboration and future joint efforts in line with the bilateral cooperation strategy between Egypt and the bank for the period of 2021 to 2027. The discussions also aimed to address the shared priorities of Egypt and the European Union.
This is not Minister Al Mashat's first visit to the EIB headquarters, as she had previously attended various international and regional forums where she engaged in meetings with the former president of the bank. The frequent interactions between Egypt and the EIB demonstrate the robustness of their bilateral relations. It is worth noting that Egypt holds a significant position as the largest country of operations for the EIB outside the EU.
Furthermore, the EIB stands as the largest international institution providing financing support to the private sector in Egypt, according to a statement released by the Ministry of International Cooperation (MOIC).
According to data published on the EIB's official website, the bank has allocated over EUR 15 billion towards transformative public and private investments in Egypt since 1979. This substantial financial support has played a crucial role in driving development and fostering economic growth in the country.
The visit to the EIB headquarters serves as a testament to the enduring and fruitful collaboration between Egypt and the European Union. It highlights their shared vision of promoting inclusive growth, fostering economic resilience, and addressing the pressing challenges faced by the region.
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