Partnerships between Egypt, Team Europe initiative record $12.8 bln: Minister

Ahram Online , Tuesday 23 Jan 2024

Partnerships between Egypt and the Team Europe initiative have pumped $12.8 billion over four years in soft financing to both the public and private sectors, Minister of International Cooperation Rania Al-Mashat said on Tuesday.

The 10th meeting of the EU-Egypt Association Council in Brussels.
The 10th meeting of the EU-Egypt Association Council in Brussels.

 

Al-Mashat further elaborated that these financial contributions amounted to $7.3 billion for the public sector and $5.5 billion for the private sector, according to a ministerial statement.

The Team Europe initiative, spearheaded by the European Union (EU) in collaboration with European financial institutions, aims to assist partner countries in mitigating the repercussions of global crises and their effects on their societies and economies.

These funds were allocated to Egypt's priority sectors, which encompass infrastructure, renewable energy, food security, health, education, water, sanitation networks, and small, medium, and micro enterprises, Al-Mashat emphasized. 

Her remarks were made during the 10th meeting of the EU-Egypt Association Council held in Brussels.

She highlighted the historical ties between Egypt and the EU under the auspices of the bilateral Team Europe initiative, spanning from 2020 to 2023, while also laying the groundwork for future cooperation.

“Egypt has a longstanding history of collaboration with the EU, as well as European financial institutions and multilateral development banks such as the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD),” she noted.

In 2023, the EIB inaugurated a regional hub in Cairo, further solidifying its commitment to cooperation with Middle Eastern and North African (MENA) partners.

Additionally, the EIB's allocation of $27 million to the $150 million Middle East Venture Fund marked the bank's most substantial venture capital engagement in the region.

In March, the EBRD announced its plan to invest over $1.4 billion in Egypt, representing the highest investment the bank has ever made in the country to capitalize on the available growth and development opportunities.

Al-Mashat also pointed out the significance of climate action on the development cooperation agenda between Egypt and European partners.

The Nexus on Water, Food, and Energy (NWFE) programme takes centre stage in this regard, mobilizing climate finance and private investments from several international financing institutions to expedite Egypt's national climate agenda and support its transition to a greener economy.

Within the NWFE programme, nine projects have been identified, with a total investment value of $14.7 billion. One notable project entails a colossal energy undertaking to replace conventional power stations with renewable energy facilities, amounting to $10 billion.

Search Keywords:
Short link: