The Prime Minister: Egypt has a real success story with the European Bank for Reconstruction

Dr. Mostafa Madbouly, Prime Minister, met, on Thursday, with Odile Reno Basu, President of the European Bank for Reconstruction and Development, who is currently visiting Egypt, Alan Bello, Vice President of the Bank, and a number of bank officials, and the meeting was attended by Dr. Rania Al-Mashat, Minister of International Cooperation.

The Prime Minister began the interview by congratulating Basu for being the first woman to hold this position in the history of the bank, expressing his wishes for her success in performing her duties, especially with regard to the growing relationship between Egypt and the bank, adding that Egypt has a real success story with the European Bank for Reconstruction. The financing provided by the bank contributed to the achievement of distinguished development projects over the past years, which supported the Egyptian private sector, which carried out these projects.

For her part, Basso expressed her happiness at making her first visit to Egypt as president of the European Bank, especially after what she saw of important projects that were implemented in cooperation between the bank and Egypt.

Counselor Nader Saad, the official spokesman for the Presidency of the Council of Ministers, said that the European Bank President congratulated the Prime Minister on the strong performance of the Egyptian economy during the last period, especially after Egypt became one of the few countries that succeeded in achieving a positive growth rate during the Corona pandemic. She said that this success is a result of the economic reforms implemented by Egypt since 2016.

The European Bank president also commended Egypt’s attention to the issue of green economy and renewable energy, confirming the bank’s intention to continue supporting Egypt in all those areas that serve the sustainable development goals.

The Prime Minister commented that the program of structural reforms, the details of which the government intends to announce soon, includes important measures regarding the adoption of the green economy strategy, especially since Egypt has already become one of the leading countries in the region in the new and renewable energy sector.

The prime minister added that environment and climate change issues are no longer a luxury, and the Egyptian state is paying attention to these topics, as the prime minister presides over the National Council for Climate Change, which is currently working on drafting a national strategy on climate and environment issues.

The cabinet spokesman added that the interview touched on a number of other priority issues, on which cooperation with the bank could be increased, including water desalination and digital transformation, as the Prime Minister explained that Egypt possesses a wealth of its youth who have knowledge and skill in terms of software and digitization.

For her part, Dr. Rania Al-Mashat, Minister of International Cooperation, indicated that when Egypt signed an agreement with the International Monetary Fund in 2020, the focus of the agreement was on the structural aspect of reform, which reflects the Egyptian government’s conviction of the importance of following financial and monetary reform, and adopted a package of structural reforms.

The minister also affirmed Egypt’s intention to increase the volume of its cooperation with the European Bank for Reconstruction during the coming period, so that the plan includes implementing projects that support the green recovery strategy, water desalination, and other priority files.

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