Egypt tops EBRD’s SEMED countries of operation development financing investment in 2020: Al-Mashat

Egypt tops EBRD’s SEMED countries of operation development financing investment in 2020: Al-Mashat

The European Bank for Reconstruction and Development - Photo courtesy of EBRD official website







CAIRO - 18 January 2021: Egypt was the top destination for the European Bank for Reconstruction and Development (EBRD)'s investment in southern and eastern Mediterranean countries, which include Egypt, Jordan, Lebanon, Morocco, Tunisia and the West Bank and Gaza, accounting for more than €1 billion of the €2.13 billion of the total development financing provided to SEMED countries in 48 projects across the region, according to Minister of International Cooperation, Rania A. Al-Mashat, announced.

 

“While the repercussions of the COVID-19 pandemic led to a decline in development gains globally, it also demonstrated that extraordinary multi-sectoral and collaborative interventions are possible,” Al-Mashat stated. 

 

She clarified that these interventions are evidenced by Egypt's partnership with the EBRD, which played an indispensable role in building back better to address significant short-term and long-term challenges such as unemployment and climate change. 

 

To kick-start the economy during