Egypt leads EBRD operations in Mediterranean for Seventh Year

Cairo – 20 January 2025: Egypt has retained its position as the largest operational market for the European Bank for Reconstruction and Development (EBRD) among Southern and Eastern Mediterranean countries for the seventh consecutive year, the Ministry of Planning and Economic Development announced.

On a global scale, Egypt ranked third among all EBRD member states, reflecting the country’s pivotal role in leveraging economic diplomacy to secure development finance.

In 2023, the EBRD invested €1.5 billion across 26 projects in Egypt, with 98 percent of the funding directed to the private sector and 50 percent allocated to green initiatives.

The investments were distributed as follows: 40 percent for trade finance, 26 percent for infrastructure, 20 percent for the financial sector, and 13 percent for corporate finance.

Minister Rania Al-Mashat, Governor of Egypt at the EBRD, highlighted significant progress in the partnership with the bank over the past five years.

She attributed increased concessional funding from international institutions to Egypt’s economic and structural reforms, which have benefited both local and foreign private sector companies.

Since becoming an EBRD country of operations in 2012, Egypt has emerged as one of the bank’s most engaged partners, with a cooperation portfolio totaling €13.8 billion across 194 development projects.

 Around 80 percent of these investments have been directed toward the private sector, reinforcing its critical role in driving Egypt’s economic growth.

The ministry is actively implementing the joint country strategy for 2022–2027, aligning with Egypt’s sustainable development priorities.

 The strategy emphasizes three pillars: fostering an inclusive economy, accelerating the transition to green energy, and enhancing competitiveness and governance.

The EBRD has been instrumental in Egypt’s green energy transition, funding projects like the Benban Solar Park, one of the largest solar energy facilities globally.

 This support contributes to Egypt’s goal of generating 42 percent of its energy from renewable sources by 2030.

Since the 2022 launch of the NWFI program, the EBRD has played a key role in mobilizing $3.9 billion in concessional funding for private sector renewable energy projects, adding 4,200 MW of capacity.

Future plans aim to establish 10 GW of renewable energy plants, decommission 5 GW of thermal power plants, and save $1.2 billion in annual fuel import costs.

The EBRD is also advancing sustainability in Egyptian cities through its Green Cities program, which includes Alexandria, Cairo, and 6th of October City.

 This initiative supports eco-friendly projects aimed at improving urban sustainability and reducing environmental impact.