Dr. Rania El-Mashat, Egypt’s Minister of Planning, Economic Development and International Cooperation and Governor of Egypt 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 development projects across various sectors during her participation in the Global Gateway Forum in Brussels, Belgium.

El-Mashat explained that since 2012, Egypt has been an operational country for the bank, resulting in investments exceeding €13.5 billion in 206 projects, with more than 80% directed to the private sector.

She pointed out that in 2024, Egypt maintained its position as the largest operational country 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 finance and private sector participation.

The minister highlighted that the “Nefertiti” program successfully mobilized concessional financing for renewable energy projects in the private sector, raising $4.5 billion 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 targeted 10 gigawatts under the program. In this context, the two sides discussed preparations for the COP30 climate conference and related events to showcase Egypt’s green transition since 2022.

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

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

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 aims 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 regard, El-Mashat addressed the progress made in implementing the State Ownership Policy Document and the privatization program.

The minister emphasized the government’s commitment to a set annual ceiling for external borrowing, in line with financial sustainability standards and safe limits set by international institutions, confirming that the restructured debt committee chaired by Prime Minister Mostafa Madbouly regularly monitors adherence to these limits to ensure prudent and sustainable management of external debt.