EBRD’s robust investments in Egypt signifies confidence in local economy: Al Mashat

Cairo – January 20, 2025: The European Bank for Reconstruction and Development’s (EBRD) significant investments in Egypt reflect the bank’s confidence in the Egyptian economy, shared Rania Al Mashat, Minister of Planning, Economic Development and International Cooperation on Monday.

Al Mashat welcomed Mark Davis, the new Regional Director for the Southern and Eastern Mediterranean at the European Bank for Reconstruction and Development (EBRD), earlier today, and emphasized the steady progress in Egypt-EBRD relations.

Since 2012, cooperation between the two has led to investments totaling €13.8 billion across 194 projects, with over 84 percent of these funds directed towards the private sector, according to Al Mashat.

Davis, who succeeded Heike Harmgart, met with Al-Mashat to discuss joint cooperation, review key projects completed in the past year, and explore future opportunities for collaboration.

The planning minister noted that over the past five years, both sides have worked closely together to help achieve Egypt’s development goals.

She also pointed out that Egypt’s appeal to both local and international private sector companies for external financing remains robust, especially after successful reforms in sectors like renewable energy.

“EBRD has played a crucial role in supporting Egypt's renewable energy initiatives,” said Al-Mashat. As a key partner in the Nexus of Water, Food and Energy (NWFE) Program, EBRD helped attract innovative financing for several renewable energy projects, which have contributed to the country’s energy transition.

In the meeting, Al Mashat congratulated Davis on his recent appointment and expressed appreciation for the long-standing and fruitful relationship between Egypt and EBRD, with Egypt as a founding member of the bank.

A key part of the discussion centered on Egypt's new framework for sustainability and financing for economic development. Launched by the Ministry of Planning after the recent government formation, this framework aims to maximize the use of planning tools and external resources to support Egypt’s Vision 2030.

Al Mashat detailed the ministry’s focus on achieving sustainable growth through three main pillars: creating data-driven economic policies, building a resilient economy, and mobilizing both domestic and international funding to drive development.

In addition to these efforts, Al Mashat noted that Egypt’s private sector secured about $14.5 billion in concessional financing over the past four years. She also highlighted the strategic partnership with the European Union, which has supported macroeconomic stability through mechanisms like the €4 billion support package for Egypt’s fiscal policies and an investment guarantee mechanism valued at €1.8 billion.

Looking ahead, Al Mashat and Davis agreed to strengthen cooperation in key areas, including green finance and renewable energy, both critical sectors for Egypt’s future development. Transport and public-private partnership (PPP) projects were also discussed, highlighting the importance of private sector engagement in driving the country’s growth.