Minister of International Cooperation Rania el Mashat praised efforts exerted by the European Investment Bank (EIB) to help shore up the private sector’s role in the national development process, citing its provision of 15 million euros to the Bank of Alexandria and 500 million euros to the National Bank of Egypt and Banque Misr in 2022 to encourage them to offer easy loans for the private sector and small and medium enterprises.
Mashat’s remarks came during her meeting with President of the EIB Werner Hoyer on the sidelines of Davos Forum, according to a statement by the Ministry of International Cooperation on Saturday 21/01/2023.
Mashat pointed out to the cooperation between her ministry and the EIB in 2022 to boost development efforts and meet the priorities of the national development process, topped by participating in the Nexus of Water, Food and Energy (NWFE) Program.
The Minister clarified that the joint efforts exerted with the bank run in line with the vision of the state to implement the national strategy for climate change 2050 and the Nationally Determined Contributions (NDCs), adding that the EIB contributed to implementing the project of substituting conventional power plants with others that rely on renewables to generate electricity so as to assist in the nation’s clean energy transition.
Both sides discussed joint future projects in the fields of sustainable green industries, boosting food security, capacity building and technical support
Source: State Information Service Egypt