Int’l coop., civil aviation ministers probe cooperation with European Investment Bank

Minister of International Cooperation Rania Al-Mashat said the government is working on executing many projects with the European Investment Bank (EIB), in line with Egypt’s National Strategy for Climate Change 2050.

These projects, which include climate adaptation and mitigation programs, are carried out in coordination with relevant development finance institutions (DFIs) and technical support bodies, Mashat added during a meeting with Civil Aviation Minister Mohamed Manar and an EIB delegation led by EIB Vice-President Gelsomina Vigliotti.

This is the bank’s first high-level visit to Egypt since the outbreak of the coronavirus pandemic.

The meeting took up joint cooperation programs, proposed development cooperation projects in the civil aviation industry, and cooperation within the framework of the upcoming global climate summit (COP27) Egypt will host in Sharm El Sheikh in November.

The ministers also reviewed with EIB officials a list of projects proposed as part of the National Strategy for Climate Change 2050, as well as the bank’s participation in the “Egypt Forum for International Cooperation and Development Finance” in September.

Highlighting the vital role of multilateral development banks for supporting climate plans of action in Egypt, developing nations, and emerging economies, Mashat emphasized the need to develop innovative finance mechanisms and risk management tools to stimulate the private sector’s engagement in the development process, especially in climate adaptation projects.

She said the bank had funded over 110 public and private projects in Egypt.

Meanwhile, Manar said he looks forward to further cooperation with EIB to improve the national air transport industry.

For her part, Vigliotti said Egypt is EIB’s largest partner outside Europe, adding that she had explored during today’s meeting joint cooperation opportunities over the years ahead.

Egypt received about €14 billion from the European Investment Bank since 1979, around 53 per cent of which went to private businesses and commercial banks.

Source: State Information Service Egypt