The European Bank for Reconstruction and Development (EBRD) is expected to embark on consultation talks with Egyptian authorities in September regarding its new strategy for the country over the coming four years, which emphasises continuous support for the private sector, particularly in the green field, according to the President of the EBRD Odile Renaud-Basso.
Renaud-Basso made her comments while answering Ahram Online’s questions on the EBRD’s future actions in Egypt and the share of green investments the bank intends to direct to the Egyptian market.
This came during a press conference Renaud-Basso held, virtually, on Friday on the conclusion of the EBRD’s 30th annual meeting that kicked off on Monday.
The EBRD raised its share of green investments from 30 percent to 50 percent in response to the COVID-19 crisis, which will benefit Egypt as it has some of the biggest share of EBRD operations in the Mediterranean region, she noted.
Moreover, Renaud-Basso revealed that 80 percent of the EBRD portfolio in Egypt concentrates on the private sector.
Egypt’s economic response to the pandemic has been remarkable, which has positioned the country among the top four economies in the region to maintain positive growth despite the harsh impacts of the crisis, she added.
“During the five-day annual meeting, The EBRD pledged to align all its activities with the goals of the Paris Agreement by end of 2022, aiming to accelerate decarbonisation across its regions, supporting them to reach net-zero emissions by mid-century. By way of its multilateral shareholding and private sector focus, the EBRD will help its countries of operations manage the political and economic challenges related to the unprecedented transition to the green economy. I truly welcome the push from all our shareholders to accelerate on this shared agenda,” said Renaud-Basso.
The EBRD regions are well positioned to benefit from the fast-growing transition to renewables, thereby reducing their reliance on fossil fuels, with excellent resources and growing capacity in wind, solar and hydropower, she added.
“The Bank will therefore increase financing for renewable energy and associated energy systems,” the EBRD’s president stressed.
Renaud-Basso also asserted the EBRD’s continuous support for the privates sector in its operation regions, especially small and medium-sized enterprises (SMEs) as well as backing governments through the bank’s finances.