EIB provides Egypt’s private sector with $515M in 2022
According to Egypt today, The European Investment Bank (EIB) directed €515 million to the private sector in 2022, according to the Minister of International Cooperation, Rania Al-Mashat.
She went on to say that the bank provided €15 million in development financing to the Bank of Alexandria and €500 million to Banque Misr and the National Bank of Egypt.
This is within the framework of providing development financing to the private sector and to small and medium enterprises (SMEs).
This came during Al-Mashat’s meeting with the President of the European Investment Bank (EIB) Werner Hoyer, during the World Economic Forum (WEF) Annual Meeting 2023 in Davos, Switzerland.
During their meeting, they discussed the Ministry of International Cooperation’s and the EIB’s fruitful cooperation over the course of 2022, at the level of various development cooperation efforts and meeting national development priorities.
This includes Egypt’s Country Platform for the Nexus of Water, Food, and Energy NWFE Program, as well as the NWFE+ Program, which promotes the mobilization of blended finance mechanisms and encourages private sector participation in implementing green projects in the transportation sector.
Al-Mashat explained that the joint efforts with the EIB are consistent with the National Country Climate Strategy (NCCS) 2050 and the Nationally Determined Contributions (NDCs), as the bank contributes to the implementation of renewable energy projects as well as the “Adaptation of Crop Production in the Nile Valley and Delta” project, “Adaptation
of Northern Delta Affected by Sea Level Rise” project, and “On-Farm Irrigation of Old Lands” projects.
Furthermore, Al-Mashat and Hoyer discussed future projects in several sectors, including sustainable green industries, food security, technical support and training, and mobilizing support for the NWFE Program, as part of the framework of development cooperation efforts.