Cairo – Mubasher: Rania Al-Mashat, Minister of International Cooperation and Governor of Egypt at the European Bank for Reconstruction and Development, met with bank leaders to discuss common areas of cooperation and enhance future cooperation in light of the state’s priorities and the country’s strategy between the two sides 2022-2027.
The Minister of International Cooperation met with Juergen Regetrink, Senior Vice President of the European Bank for Reconstruction and Development, Kazuhiko Kogoshi, Secretary General of the Bank, Nandita Parashad, Director of the Bank’s Infrastructure Group, Harry Boyd Carpenter, Managing Director of the Bank’s Climate Strategy, and Thomas Ostros, Managing Director of Institutions. Bank of Finance, according to a press release issued today, Friday.
The Minister of International Cooperation discussed, with the leaders of the European Bank for Reconstruction and Development, the ongoing measures to implement a number of projects within the framework of joint efforts to support development cooperation, under the umbrella of the state’s priorities, and efforts to stimulate the private sector by increasing the investments provided by the Bank and development financing.
They discussed ways to expand the agricultural and industrial sectors to meet the state’s priorities, encourage local industry, and shift to the smart agriculture sector to advance climate action.
The Minister of International Cooperation stressed the importance of the annual meetings of the Bank, and the decisions issued by the Board of Directors to expand the scope of its operations, in addition to the importance of the decisions taken to expand the scope of investments in Iraq and sub-Saharan Africa, which coincide with global discussions to reform multilateral development banks to expand support for developing countries. and emerging economies.
The Minister of International Cooperation discussed with officials of the European Bank for Reconstruction and Development ways to expand the bank’s investments in the agricultural and industrial sectors in Egypt, stimulate the private sector’s contribution to these projects, and the ongoing efforts to expand the private sector’s participation in the energy axis within the national platform for green projects, the “Program” Novi.
The Minister of International Cooperation also discussed, with the leaders of the European Bank for Reconstruction and Development, the preparation of a group of events, forums and specialized workshops in order to stimulate the private sector and promote investments.--
The Minister of International Cooperation praised the efforts made by the European Bank for Reconstruction and Development to sign contracts to implement the first projects within the energy axis of the “Novi” program with the private sector, stressing the government’s keenness to expand the participation of the private sector in development due to its vital role in achieving growth. comprehensive and sustainable.
And she added that encouraging private sector investments through international cooperation aims to accelerate progress towards the transition to a green economy, pointing out that the Ministry of International Cooperation is working to achieve this through the axis of linkage between water, food and energy projects, and cooperation with all development partners, including them. The European Bank for Reconstruction and Development is the main partner in the energy pillar of the Novi platform.
Officials of the European Bank for Reconstruction and Development congratulated the Minister of International Cooperation on her election as Vice-President of the upcoming annual meetings of the European Bank, and expressed their appreciation for the role she played as Governor of Egypt, in supporting the announcement of experiences and development projects undertaken by the state in a way that enhances South-South cooperation and demonstrates the experience. development in Egypt in a way that stimulates private sector investments and enhances cooperation with other countries based on the accumulated development experiences.
It is worth noting that a financial closure agreement was signed for the project to establish a new wind farm – located near Ras Ghareb in the Gulf of Suez region – with a capacity of 500 megawatts and investments of $680 million. Between the “Red Sea Wind Energy” consortium and a group of banks and international financing institutions, and the “Orascom Construction” company is carrying out the civil and electrical works for the wind farm. Norinchukin, and Societe Generale SA under coverage by Nippon Export and Investment Insurance (NEXI), and the European Bank for Reconstruction and Development (EBRD).
The energy axis within the national platform for green projects, the “Novi” program, aims to convert power plants that run on thermal energy into renewable energy, through the implementation of wind energy projects with a capacity of 10 gigawatts to replace thermal fuel stations with a capacity of 5 megawatts, in light of the national strategy for sustainable energy. Through which the country seeks to switch to clean energy, saving about 5.25 million tons of carbon dioxide emissions annually.
The Ministry of International Cooperation launched the joint country strategy with the European Bank for Reconstruction and Development for the period 2022-2027, in early 2022, which works to enhance development efforts and stimulate the private sector, through three axes: achieving a more inclusive and sustainable economy for the business community, women and youth, And accelerating the transition towards a green economy, enhancing competitiveness, increasing growth rates, stimulating the role of the private sector in development, and strengthening the rules of governance.