Egypt’s Minister of Planning, Dr. Rania El-Mashat,, participated in a meeting with the Economic Committee of the Egyptian House of Representatives today, where they discussed expanding the European Bank for Reconstruction and Development’s (EBRD) operations in Sub-Saharan Africa. The committee, chaired by MP Mohamed Suleiman, approved a presidential decree granting approval for two EBRD resolutions to enable the geographical expansion of the bank’s operations across Sub-Saharan Africa and Iraq.
Strategic Partnership Between Egypt and EBRD
During the meeting, Dr. El-Mashat highlighted Egypt’s strong partnership with the EBRD, which dates back to 1991, with Egypt being one of the bank’s founding countries. The collaboration between the bank and Egypt has evolved over the years, with Egypt officially requesting to transition into an “operation country” in May 2011, followed by the opening of the bank’s office in Cairo in November 2014. By October 2015, Egypt became a fully operational country with the EBRD.
Dr. El-Mashat noted that Egypt is the largest operation country for the EBRD in the South and East Mediterranean region. Since 2012, the bank has invested 13.8 billion euros into 194 projects in Egypt, 86% of which were directed to the private sector, equating to 11.8 billion euros.
EBRD’s Focus on Sustainable Growth and Green Transformation
The minister emphasized the importance of the ongoing strategic partnership between Egypt and the EBRD through the country’s strategic partnership framework for 2022-2027. The framework aims to support Egypt’s efforts in achieving inclusive and sustainable economic growth, accelerating the green transition, enhancing economic competitiveness, and improving the business environment for the private sector.
In 2021, the EBRD decided to expand its operations in Sub-Saharan Africa and Iraq, with the final decision ratified at the bank’s annual meeting in Samarkand. This expansion is seen as a strategic move to strengthen the EBRD’s role in the region, which is rich in natural resources, economic opportunities, and a young, dynamic workforce.
Opportunities for Triangular and South-South Cooperation
Dr. El-Mashat stressed the alignment between the EBRD’s expansion and Egypt’s broader strategy to enhance its relationships with Sub-Saharan African countries, both at the government and private sector levels. The expansion of the bank’s operations will open up significant opportunities for triangular and South-South cooperation between Egypt and Sub-Saharan African nations through various platforms and tools offered by the EBRD.
“The EBRD’s expansion in Sub-Saharan Africa aligns with Egypt’s ongoing efforts to engage deeply with African nations. It opens up avenues for further collaboration in infrastructure development, green energy, and private sector growth across the continent,” Dr. El-Mashat said.
This expansion will provide opportunities for Egypt to leverage its expertise and resources, strengthening its position as a key player in regional economic growth. This move aligns with Egypt’s vision of enhancing economic ties with Africa, fostering mutually beneficial partnerships that drive development and innovation across the region.
