Minister of International Cooperation Rania El Mashat asserted on Monday 18/10/2021 that close partnerships between Egypt and the European Bank for Reconstruction and Development (EBRD) resulted in propelling the participation of the private sector in development, noting that this sector acquired more than 75 percent of development funding in return for 25 percent for the governmental sector.
This came during Mashat's meeting via video conference with Australia's Alternate Director to (EBRD) Philip Lindsay to discuss the outcome of consultations held between the two sides to prepare for a new country strategy for the upcoming five years ahead of EBRD's board of directors meeting set for November 20.
The meeting also addressed current projects underway as part of the cooperation portfolio between the two sides and Egypt's efforts to carry out the green transformation.
This comes within the framework of the strong partnership between Egypt and EBRD, which has played a profound role in pushing forward the state's development plans.
Mashat further reviewed the achievements done within the framework of the 2015-2021 Country Strategy with EBRD, and highlighted its alignment with the Egyptian government's program "Egypt Kicks Off" 2018-2022, through which the government has succeeded in attaining an economic reform program that contributed in solidifying macroeconomics foundations and in achieving development.
Mashat noted that the new country Strategy with the European Bank for Reconstruction and Development 2021-2026 aligns with the Government of Egypt's plan to forge Egypt's leadership in green transition, enhance investments in human capital, and boost productivity and employment rates.
She emphasized the Ministry of International Cooperation's keenness to launch the new joint strategy, which reflects the visions and priorities of the relevant national authorities; accelerating the support of the private sector's role in development.
Mashat further explained the effective partnerships with the EBRD to support the implementation of government projects and to support private sector's engagement; adding that since the start of the Bank's operations in 2012, the EBRD has invested more than euros 7.7bn in 143 projects in the country, more than 75% of which were allocated to the private sector.
In addition, in 2021, the EBRD has provided development financing to the private sector amounting to euros 288.3m, to develop sectors of renewable energy, small and medium-sized enterprises (SMEs), agriculture, manufacturing services among others.