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€ 784 million in agreements signed by the "European Union for Reconstruction" for the private sector in 2020


Dr. Rania Al-Mashat, Minister of International Cooperation and Governor of Egypt at the European Bank for Reconstruction and Development, said that the new strategy through which the European Bank for Reconstruction and Development works for the period 2021-2025 is in line with the national priorities and the Egyptian government's development strategy, explaining that the Ministry of International Cooperation is working on Coordinate efforts with the bank to enhance Egypt's leadership in the transition towards a green economy.

 

The strategy of the European Bank for Reconstruction and Development (2021-2025) is based on three main axes: The first axis: Supporting the transition to a green economy and promoting environmental sustainability; Axis Two: Promoting equal opportunities for both sexes. Axis, three: digital transformation, was approved by the bank during the annual meetings last year.


Coordination to launch the Green Cities Initiative

In a statement, the Minister of International Cooperation explained that with regard to the first axis related to the transition to the green economy and the promotion of environmental sustainability, the Ministry of International Cooperation is currently coordinating with the European Bank for Reconstruction and Development in launching an initiative to develop a green cities action plan, which aims to support the country's approach to a green economy. .

 

Odil Reno Basso, President of the European Bank for Reconstruction and Development, is on a visit to Egypt that will continue today and tomorrow, which is the first foreign visit to the region since she took office last October. During the visit, the President of the European Bank for Reconstruction and Development holds high-level meetings with state officials, and a session is held. Bilateral talks with Dr. Rania Al-Mashat, Minister of International Cooperation, and a number of officials and private sector institutions. During the visit, joint cooperation agreements will be signed within the framework of development relations with the European Bank for Reconstruction and Development.

 

Al-Mashat referred to the efforts exerted to promote the transformation towards a green economy, which puts Egypt on the first list of countries supporting the green economy at the regional level. Among these projects are: the Jabal al-Zayt wind farm to generate electricity from winds, and the Benban solar energy station in partnership with the private sector and partners. Development, including the European Bank for Reconstruction and Development, the European Union, and the African Development Bank, and the country recently issued the first green bonds in the Middle East and North Africa worth $ 750 million to finance some green projects.

 

The Minister of International Cooperation stated that the partnership with the European Bank for Reconstruction and Development is working to strengthen national efforts to promote the green economy, whether by financing government projects, or directing funding to the private sector and supporting projects that take into account environmental sustainability standards, stressing that the bank attaches top priority to supporting countries Its operations promote and accelerate the level of ambition in low carbon transformation and sustainable economic development.

 

With regard to the second axis: Promoting equal opportunities between the sexes, the Minister of International Cooperation reviewed the efforts made in this context, as the Ministry and the National Council for Women, in cooperation with the World Economic Forum, launched the "Catalyst for Bridging the Gender Gap", which is the first model of its kind for cooperation between the public and private sectors in Africa. And the Middle East region, with the aim of helping governments and companies take decisive measures to bridge economic gender gaps, increase women's participation in the workforce, bridge gender gaps in wages, push more women into managerial and leadership positions, and gender equality in the future of work.

 

Over the past year, some national projects won silver and bronze awards as part of the EBRD's Sustainability Awards that recognize achievements in five specific categories: sustainable energy, climate resilience, best environmental and social practice, environmental and social innovation, gender and inclusion.

 

At the level of the third axis, which is: digital transformation, the Minister of International Cooperation stated that the Ministry is currently coordinating with the World Bank to provide technical support to the Egyptian government regarding the development of the real estate registration system and land management in Egypt, as it is planned to launch a national program for the modernization of real estate registration in an in-kind registration system. Unified, in addition to automating all real estate registration services owned by citizens and companies, with the aim of completing the registration of all real estate by 2030.

 

The "Our Digital Opportunity" initiative has also been launched, which is supervised by the Information Technology Industry Development Authority, with the aim of enhancing the contribution of small and medium-sized companies in the implementation of digital transformation projects, as well as increasing the competitiveness of these companies in the local and global market, in a way that contributes to creating job opportunities for youth. The "Our Future is Digital" initiative, which is supervised by the Information Technology Industry Development Authority. The initiative is a completely free grant to train young people in the fields of information technology through a virtual academy in partnership between the public and private sectors.

 

The story of the partnership with the European Bank for Reconstruction and Development in 2020

The Minister of International Cooperation touched on the international partnerships implemented with the European Bank for Reconstruction and Development during 2020, as the bank made available funds worth 784 million euros to the private sector within the framework of the Trade Facilitation Program, and the European Bank's package allocated to support emerging market economies in light of the repercussions of the Coronavirus. Novelty


Among the financial institutions that received financing from the European Bank for Reconstruction and Development, the National Bank of Egypt, which obtained financing of $ 100 million, $ 100 million for the Commercial International Bank, $ 100 million for Banque Misr, $ 100 million for Banque du Caire, in addition to $ 100 million. For QNB AlAhli Bank.

 

The funds directed by the European Bank for Reconstruction and Development to the private sector during 2020 are divided into 93.6% for financial institutions, 3.9% for industry and services, 1.9% for tourism and real estate, and 0.6% for information technology.

 

The Bank has also provided $ 200 million to Egypt and four other countries in the Eastern Mediterranean, Eastern Europe and the Black Sea region. Funding is directed to promote sustainable agriculture, support local farmers' capabilities to adapt to climate change through smart applications for agriculture, and transfer value chains in the agricultural sector to “agriculture.” Smart ”through new methodologies that include managing risks related to climate change, as well as financing purchases of some agricultural commodities in the recipient countries.

 

The portfolio of ongoing projects of the Arab Republic of Egypt with the European Bank for Reconstruction and Development amounts to 4.4 billion euros to finance 106 projects, of which 58% are directed to the private sector, and 42% are directed to the public sector.

 

It is worth noting that Egypt came on top of the bank’s list as the largest country of operations in the southern and eastern Mediterranean region during the year 2020, as the bank invested one billion euros to finance 21 projects, accounting for 47% of the bank’s total investments in the region.

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