With EUR 2.13 bn investments, Egypt tops EBRD investments in the SEMED region during 2020

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Minister of International Cooperation, H.E. Dr. Rania A. Al-Mashat, announced that Egypt was the top destination for the European Bank for Reconstruction and Development (EBRD)’s investment in southern and eastern Mediterranean countries, which include Egypt, Jordan, Lebanon, Morocco, Tunisia and the West Bank and Gaza, accounting for more than EUR 1 bn of the EUR 2.13 bn of the total development financing provided to SEMED countries in 48 projects across the region.

While the repercussions of the COVID-19 pandemic led to a decline in development gains globally, it also demonstrated that extraordinary multi-sectoral and collaborative interventions are possible, Al-Mashat stated. However, it also proved that multilateral cooperation is one of the most important means to advance development efforts in countries, especially in times of crisis.

The Minister of International Cooperation praised the strategic relationship with the European Bank for Reconstruction and Development in various development sectors to enhance the country's efforts in achieving the national development agenda that is consistent with the UN goals of sustainable development.

In October 2020, Al-Mashat participated in the annual European Bank for Reconstruction and Development (EBRD) meetings to chart the Bank’s strategy for the next 5 years, which aims to bolster a resilient economy through accelerating green investment, as the EBRD is poised to become a majority green bank by 2025 and increase green financing to at least 50% of its total financing by 2025. The Bank’s Strategic and Capital Framework (SCF) 2021-25 focuses on three main pillars: Supporting the transition to a green economy and promoting environmental sustainability, promoting equal opportunities between the two sexes, and accelerating the pace of digital transformation.

She also participated in the election of Odile Renaud- Basso, as the first woman to take over the presidency of the bank.



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