The European Bank for Reconstruction and Development (EBRD) has invested in 16 projects in Egypt this year, according to the bank’s Acting President Juergen Rigtrenk.
Rigtrenk’s remarks came during his Saturday meeting with Egypt’s Minister of International Cooperation, Rania Al-Mashat, to discuss the new cooperation path for the four-year period between 2021 and 2025.
He added that the EBRD has fostered a strong partnership with Egypt over the years as part of the implementation of several projects to accelerate the country’s development journey.
The path will be composed of several outcomes, including: reducing carbon emissions to enhance environmental sustainability; provide equal opportunities for women; and push forward digital transformation to promote youth employment.
Minister Al-Mashat stressed that the new path of cooperation with the EBRD falls in line with Egypt’s future economic outlooks as well as those of its national vision. The Egyptian cabinet recently approved a strategy to ensure 30% of all investment projects are environmentally sustainable, in order to support a green recovery. Egypt has also allocated an environmental adviser in each ministry
The minister added that promoting equal opportunities for women is regarded as a macro-critical issue, and is integral to Egypt’s development.
She added that her ministry, in cooperation with the World Economic Forum and Egypt’s National Council for Women (NCW), have launched the Gender Accelerator Gap. The platform, the first of its kind in the Middle East and Africa, aims to help Egypt’s women achieve economic empowerment, through close public-private sector cooperation.
In parallel with the women empowerment agenda, Minister Al-Masaht added that the pandemic has revealed the necessity for advanced technical solutions. These will help in accelerating business activities, and promote job opportunities for youth on a wider scale.
She added that the new path for cooperation is consistent with the Global Partnerships Narrative: People, Projects, and Purpose (P&P&P). This puts people at the core, to promote investment in human capital, implement projects at a faster pace to accelerate progress and for the purpose of achieving the UN’s 17 Sustainable Development Goals.
The EBRD has, this year, presented Egypt with two awards for its efforts in the field of sustainability. Egypt has won both the Environment and Sustainability Department’s silver and bronze awards, given to institutions and companies that have made outstanding contributions in five areas. These cover sustainable energy, climate resilience, environmental social practices, environmental social innovation, gender and women’s economic empowerment, and inclusiveness.
The EBRD has invested over €6.5bn in more than 116 projects across Egypt covering all economic sectors. The most important of these projects have focused on infrastructure, manufacturing, services, agriculture, banks, and financial markets.