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Egypt saw highest growth rate among 39 countries where EBRD operates: Official

Harmgart praised the performance of the Egyptian economy, discussing existing projects between Egypt and the bank as well as the prospects for developing areas of cooperation

Lamis ElSharqawy, Sunday 29 Nov 2020
Sameh Shoukry
Egyptian Foreign Minister Sameh Shoukry during his meeting with the managing director for the EBRD’s Southern and Eastern Mediterranean region Heike Harmgart in Cairo, 29 November 2020. (Photo courtesy of the Egyptian foreign ministry official Facebook page)
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Egypt achieved the highest growth rate among the 39 countries where the European Bank for Reconstruction and Development (EBRD) operates, a senior bank official told Egyptian Foreign Minister Sameh Shoukry in a meeting on Sunday.

According to an official statement, Egypt’s foreign ministry said Shoukry met in Cairo with Heike Harmgart, the managing director for the EBRD’s Southern and Eastern Mediterranean region.

Harmgart praised the performance of the Egyptian economy, discussing relations and existing projects between Egypt and the bank as well as the prospects for developing areas of cooperation during the next phase.

The EBRD official confirmed the bank’s wish to strengthen cooperation with Egypt in terms of focusing on promoting growth for the green economy, boosting environmental sustainability, promoting equal opportunities, and digital transformation.

The meeting also saw discussion on potentials for cooperation between Egypt and the EBRD in African countries.

The foreign minister highlighted Egypt’s efforts during its presidency of the African Union to support the expansion of the bank's activities in the continent.

Shoukry also mentioned the possibility of Egyptian companies’ participation in executing the bank’s future projects in African countries given Egyptian companies’ experience working in many African countries.

The statement said that Shoukry and Harmgart also met via video conference with Dr Bassem Kamar, lead economist in charge of the Southern and Eastern Mediterranean countries at the EBRD, and a number of experts at the bank.

Shoukry reviewed the positive indicators of the Egyptian economy in recent years, developments in the business sector, in addition to the steps taken by the government to develop the investment environment.

Egypt was regarded as the largest country of operations in 2019 for the EBRD, with a total investment of about €1.2 billion in 26 projects after €1.1 billion in 2018, according to the bank.

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