Egypt and EBRD launch new country cooperation strategy

Egypt and EBRD launch new country cooperation strategy

CAIRO: A new country cooperation strategy has been launched between the European Bank for Reconstruction and Development and Egypt for the period 2022 to 2027. The minister of international cooperation in Egypt, Rania Al-Mashat, announced the launch in the presence of the EBRD’s deputy director Mark Bowman and government ministers during a conference in Cairo. Al-Mashat said the new strategy was based on three main axes that were in line with the country’s priorities and plans to achieve sustainable development. The first axis was to support Egypt’s efforts to achieve comprehensive economic and sustainable growth. The second was to accelerate the country’s green transformation, and the third was to enhance competitiveness, increase growth rates, and stimulate the role of the private sector in development. Egypt’s total agreements with the bank during 2021 amounted to more than €1 billion ($1.17 billion) for the public and private sectors. They included funds for the implementation of an energy efficiency improvement program at the Suez Petroleum Manufacturing Company, supporting the first development phase of the first line of the metro, and a project developing the Abu Qir railway to convert it into an electric metro. They also included the financing of the 6th of