Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation and Egypt’s Governor at the European Bank for Reconstruction and Development (EBRD), met with Odile Renaud-Basso, President of the EBRD, to discuss the current and future cooperation portfolio between Egypt and the bank. The meeting aimed to strengthen the strategic partnership and support developmental projects across various sectors during her participation in the Global Gateway Forum in Brussels.

Al-Mashat expressed her great appreciation for Odile’s continuous support to the Egyptian government, praising the bank’s active role as a key development partner within the energy axis of the national “Nofe” program platform. She explained that since 2012, Egypt has become an operational country, with investments exceeding €13.5 billion in 206 projects, more than 80% of which are in the private sector.

Green Financing

She pointed out that in 2024, Egypt maintained its position as the largest country of operations for the bank in the Southern and Eastern Mediterranean region for the seventh consecutive year, with €1.5 billion invested in 26 projects supporting the state’s efforts to enhance green financing and private sector participation.

The minister highlighted that the “Nofe” program succeeded in mobilizing concessional financing for renewable energy projects in the private sector, gathering $4.5 billion in financing for clean energy projects. This enabled the private sector to develop renewable energy projects with a total capacity of 5.2 gigawatts, reflecting Egypt’s success in attracting private investments through structural reforms, out of a total 10 gigawatts targeted under the program. In this regard, both sides discussed preparations for the COP30 climate conference and the events planned to showcase Egypt’s green transition journey since 2022.

Ministry of Finance

She confirmed the importance of the recently signed mechanism with the Ministry of Finance, through which the EBRD provides support to accelerate the pace of launching public-private partnership projects.

In a related context, Al-Mashat reviewed the executive summary of the “National Economic Development Narrative,” through which the state seeks to complete the economic reform path and benefit from the advanced infrastructure supporting manufacturing and export, aiming to transform into an economic model focused on productivity and real economy sectors.

Private Sector

She also stressed that redefining the state’s role in the economy and empowering the private sector is a fundamental pillar of the new economic model. The government seeks to launch an index by the Information and Decision Support Center to implement the State Ownership Policy Document, enabling more opportunities for the private sector. In this context, Al-Mashat addressed the progress made in implementing the State Ownership Policy Document and the privatization program.

The minister emphasized the government’s commitment to an annual ceiling on external borrowing, consistent with financial sustainability standards and safe limits set by international institutions. She confirmed that the restructured debt committee, chaired by Prime Minister Dr. Mostafa Madbouly, regularly monitors compliance with these limits to ensure prudent and sustainable management of external debt.