The ongoing and future co-operation between Egypt and the European Bank for Reconstruction and Development (EBRD) featured high on the agenda of talks held by Minister of Planning and Economic Development and International Co-operation Rania Al-Mashat and EBRD President Odile Renaud-Basso.
The meeting, which took place on the sidelines of United Nations Climate Conference (COP29) in Baku, Azerbaijan, also addressed fresh prospects of collaboration that align with Egypt’s national priorities.
They also addressed the efforts for mobilising concessional financing and private sector investments for energy projects under the Country Platform for the Nexus of Water, Food and Energy “NWFE” programme, according to a press release in Cairo yesterday.
Al Mashat emphasised that the strategic relationship between the two sides has progressed and yielded impactful results.
The EBRD’s pivotal role as the lead development partner for the energy pillar of the “NWFE” programme has enabled Egypt to attract significant climate investments and concessional financing for renewable energy projects, solidifying the bank’s role in Egypt’s green transition, she was quoted as saying.
In addition, joint efforts involving the ministry, national entities, and the EBRD have resulted in the signing of renewable energy projects with a total capacity of 4.7 GW, alongside the mobilisation of over $2.5 billion in concessional financing from the EBRD and other development banks and international partners, the minister explained.
These efforts aim to meet the program’s target capacity of 10 GW, while concurrently decommissioning 12 thermal power plants with a combined capacity of 5 GW, in line with the National Integrated Sustainable Energy Strategy’s goal of achieving 42% renewable energy by 2030.
Co-operation between Egypt and the EBRD dates back to 1991, with Egypt being a founding member. The EBRD recognised Egypt as a potential country of operations in 2012, and in 2015, Egypt became a full country of operations. Since then, the EBRD has supported Egypt’s development efforts with over €12 billion in investments across both the public and private sectors, covering 178 projects. More than 80% of these investments have been directed toward the private sector, bolstering its role in driving economic growth and supporting the national economy.
