Details of the first visit of the President of the European Bank for Reconstruction and Development to Egypt

The visit of Odile Reno Basso, President of the European Bank for Reconstruction and Development, to Egypt, which is her first foreign visit to the region since her election last October, concluded yesterday.

The choice of Cairo for the first visit to the region came within the framework of the strategic relations between the Arab Republic of Egypt and the bank, as Egypt is the largest country of operations for the bank in the southern and eastern Mediterranean regions during 2020, and the largest country of operations in all regions during 2018 and 2019.

The visit reflected the strategic relations between the Arab Republic of Egypt and the European Bank for Reconstruction and Development, as the President of the European Bank for Reconstruction and Development began her visit with a meeting with President Abdel Fattah El-Sisi, in the presence of Dr. Rania Al-Mashat, Minister of International Cooperation, and she also met a number of private sector officials in Egypt who have relations Close cooperation with the European Bank for Reconstruction and Development. I also inspected a number of development projects that the bank contributed to implementing.

Inclusion of Cairo, Alexandria and 6th of October for the Green Cities Program

Within the framework of working to advance the state’s efforts to promote the transformation towards a green economy, Dr. Rania Al-Mashat, Minister of International Cooperation, witnessed the signing of 3 memoranda of understanding between the bank and the Ministries of Local Development and Housing to join Cairo and Alexandria and October 6 to the green cities program of the European Bank for Reconstruction and Development. .

The European Bank for Reconstruction and Development, “Green Cities”, aims to help cities face environmental challenges, improve the quality of life, and combat the effects of climate change, through an action plan to be implemented in cooperation with the Bank, to shift towards green cities, and to provide green financing for projects targeted for implementation in various Areas; It aims to annex 100 cities around the world by 2024.

An agreement to launch the largest solar power plant for the private sector in Egypt

The European Bank for Reconstruction and Development has also signed with ACWA Power, one of the private sector leaders in clean energy since 2004; An agreement worth $ 114 million to launch the largest private sector solar power plant in Egypt in Kom Ombo, Aswan, with the aim of supporting the state’s sustainable energy strategy and stimulating private sector participation, by adding 200 megawatts of capacity, and the station is located 20 km from Benban Station.

The European Bank for Reconstruction and Development with a value of $ 36 million and the OPEC Fund for International Development with a value of $ 18 million, $ 17.8 million from the African Development Bank, $ 23.8 million from the Green Climate Fund, and $ 18 million from the Arab Bank, in addition to A transitional equity financing loan from the European Bank for Reconstruction and Development worth $ 14 million and $ 33.5 million from the Arab Petroleum Investment Corporation (APICORP).

Visit the business accelerator astronomy start ups

Dr. Rania Al-Mashat, Minister of International Cooperation, and Ms. Odile Reno Basso, President of the European Bank for Reconstruction and Development, inspected the start-up business accelerator “Falak Start App”, which is one of the results of international partnerships of the Ministry of International Cooperation, as it was launched by the Egypt Entrepreneurship Company. And investment, with the aim of supporting emerging companies operating in the field of technology, and supporting the entrepreneurial environment in Egypt and the Arab region.

During the visit, the Minister of International Cooperation and the President of the European Bank for Reconstruction and Development heard from officials of the Egypt Entrepreneurship and Investment Company and the Falak Start App, EFG-EV Fintech, about their role in promoting the entrepreneurial environment in Egypt and the areas of interest regarding startups.

Bilateral talks to discuss the new country strategy

In a related context, Al-Mashat held a bilateral session of talks with the European Bank for Reconstruction and Development, to discuss joint cooperation relations and future areas of cooperation, in light of the national development agenda and the bank’s strategy for the period 2021-2025.

The Minister of International Cooperation reviewed the role the ministry is playing to advance international partnerships through the principles of economic diplomacy, and also reviewed what has been achieved during 2020 with multilateral and bilateral development partners despite the Corona pandemic, which represented a question mark on the performance of world economies at the beginning of last year, explaining that The Egyptian economy has shown resilience and strength in dealing with the pandemic, based on the ambitious performance indicators that the government has worked on over the past years, and through effective development cooperation agreements have been made for development financing of $ 9.8 billion, including $ 3.1 billion for the private sector and $ 6.7 billion for state sectors. Different developmental.

Visit the National Museum of Civilization

At the conclusion of the visit, the Minister of International Cooperation, Mrs. Odile Reno Basso, the President of the European Bank for Reconstruction and Development, visited the National Museum of Civilization and the Royal Mummies Hall, in the city of Fustat, with the participation of the bank’s office team in Egypt, at the conclusion of her first visit to Egypt and the region, which witnessed Many new activities, events and agreements within the framework of cooperation between the Arab Republic of Egypt and the Bank.

The Minister of International Cooperation and the President of the European Bank for Reconstruction and Development visited all the halls of the Museum of Civilization and listened to an explanation from officials of the National Museum of Civilization about the history of the artifacts displayed, and the various halls that display the entire history of Egyptian civilization in different eras through more than 1600 artifacts. European for Reconstruction and Development to take pictures with souvenir artifacts on display.
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