CAIRO - 27 February 2024: In the headquarters of the European Investment Bank (EIB) in Luxembourg, Nadia Calvino, the President of EIB, held a meeting with Rania Al Mashat, Egypt's Minister of International Cooperation (MOIC).
The purpose of the meeting was to discuss the EIB's financial and technical support for crucial investments that enhance economic opportunities for millions of Egyptians.
“Egypt is a key partner for the European Investment Bank, and I was delighted to welcome Minister Al Mashat to Luxembourg today at our headquarters to explore how we can further deepen our cooperation,” said EIB President Nadia Calviño.
This visit underscores the strengthening partnership between Egypt and the EIB, with a focus on promoting sustainable development, addressing climate change, and fostering economic advancement.
“Today's discussions pave the way for more collaboration in the future reflecting the shared commitment of Egypt and the European Union to promote impactful investments in clean energy, sustainable transport, water and SMEs across the country via Egypt’s NWFE platform and as part of the upcoming EU-Egypt Strategic and Comprehensive Partnership,” Calviño highlighted.
This partnership will be facilitated through Egypt's Country Platform for the Nexus of Water, Food, and Energy (NWFE) and as part of the forthcoming EU-Egypt Strategic and Comprehensive agreement.
Al Mashat emphasized that the EIB holds a prominent position as one of Egypt's key multilateral development partners and a significant member of Team Europe. The bank actively participates in a diverse range of development projects spanning critical economic sectors.
According to a report from the MOIC, the EIB has provided a total of €13.7 billion in investments and development financing to Egypt's government and private sectors since 1979.
Notably, the EIB is the largest development financing partner for the private sector in Egypt. The MOIC’s annual report indicates that the bank's financing and investments for the private sector between 2020 and 2023 amounted to approximately $2.8 billion.
The report further highlights the EIB's commitment to the NWFE program, as the bank has pledged to provide soft financing worth €4 billion by 2030.
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