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Thursday, 16 July 2020

International cooperation ministry, European Investment Bank discuss supporting Egypt's agenda 2030

According to a joint statement, the EIB's total operations in Egypt are estimated at €9.7 billion since the inception of its operations in 1979

Doaa A.Moneim , Sunday 9 Feb 2020
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A delegation from the European Investment Bank (EIB) finished on Saturday a visit to Egypt that adressed boosting Egypt’s economic development in line with the country's strategy for 2030.

The visit was concluded with a joint statement between the EIB and Egypt’s Ministry of International Cooperation on boosting economic cooperation in line with the United Nations sustainable development objectives.

According to the joint statement, the EIB's total operations in Egypt are estimated at €9.7 billion since the inception of its operations in 1979, which aimed to support Egypt's economy through funding projects in infrastructure, water and sanitation, transport, and the SME sector.

Moreover, according the statement, Egypt's portfolio at the EIB amounts to €2.3 billion in transport, environment, energy, aviation, water and sanitation, and SMEs.

The statement also said that the EIB manages a number of grants to Egypt from the European Union in water and sanitation at a total of €67 million.

For venture capital investment, the statement highlighted the RCF Programme that supports persons active within the small and medium enterprise sector in South Africa through providing risk finance under the EIB, which established a private equity fund in Egypt to support SMEs. It also said that the EIB has contributed to boosting Egypt's private sector with approximately €4.9 billion, especially in the SME sector.

Flavia Palanza, EIB director for Eastern and Southern Neighbourhood, asserted that the EIB is willing to support Egypt in terms of funding services for the public and private sectors, in cooperation with the EU, international funding corporations, and other countries, along with expanding financing projects in energy, transport, water and sanitation, SMEs, healthcare, and education.

"Several projects that have been launched over recent years will be completed during 2020, which is the EIB's first year of enhancing cooperation with Egypt," Palanza said.

A delegation from the EIB visited Egypt in February and held several meetings with top officials, including Prime Minister Mostafa Madbouly and the ministers of electricity, education, transport.

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