Madbouly reaffirms Egypt’s commitment to developing investment climate in meeting with EBRD’s Rigterink

Cairo – June 30, 2024: Prime Minister Mostafa Madbouly sat down with Jürgen Rigterink, First Vice President of the European Bank for Reconstruction and Development (EBRD), and his delegation to discuss enhancing bilateral economic ties and the EBRD's current and future projects in Egypt.

On the sidelines of day two of the Egypt-EU investment conference, PM Madbouly underscored Egypt's commitment to economic reform and its impact on fostering a conducive investment climate, citing achievements such as stabilizing the foreign exchange rate and supporting the private sector.

The meeting was attended by key Egyptian officials including Hassan Abdullah, Governor of the Central Bank of Egypt (CBE); Mohamed Shaker, Minister of Electricity and Renewable Energy; Rania Al-Mashat, Minister of International Cooperation; and Lieutenant General Eng. Kamel Al-Wazir, Minister of Transport.

Rigterink acknowledged Egypt's economic progress amid significant challenges and praised the government's successful negotiation with the International Monetary Fund, and highlighted the strong cooperation between Egypt and the European Union, emphasizing the EBRD's commitment to supporting Egypt's economic reforms and fostering greater private sector participation.

Madbouly praised the EBRD's role in financing numerous projects in Egypt, totaling over €12 billion across 178 projects, mainly in the private sector, infrastructure, and financial modernization. The PM also noted the bank’s support in the country’s NWFE program – Egypt’s country platform for Nexus on Water, Food and Energy.

During the meeting, discussions also covered potential collaborations in the energy sector, including financing for solar and wind energy projects, as well as the development of electricity transmission networks to support renewable energy initiatives.

The ministers reviewed several of Egypt’s economic progresses in various areas. CBE governor Abdallah discussed macroeconomic indicators, highlighting efforts to reduce inflation rates, while Minister of Electricity spoke on opportunities in solar and wind energy financing and electricity infrastructure. Al-Wazir emphasized the need for flexible financing to bolster local manufacturing in the transport sector, supporting Egypt's economic diversification goals.