WASHINGTON – Egypt has made progress in implementing strategic projects through international cooperation and a strategic partnership with the European Bank for Reconstruction and Development (EBRD), the Ministry of Planning, Economic Development, and International Cooperation affirmed.
The ministry noted that Egypt has developed specific sectoral strategies with technical support from the EBRD, including the National Green Hydrogen Strategy and efforts to expand private sector financing through blended finance instruments. These integrated efforts have been instrumental in strengthening the foundations of Egypt’s new economic model.
This came in a joint statement issued with the EBRD, one of the world’s largest multilateral development banks, on the developments in Egypt’s economic and structural reform agenda, and the launch of the National Narrative for Economic Development: Policies Supporting Growth and Employment, held on September 7.
The statement described the national narrative as an economic and structural reform program that defines Egypt’s new economic model. The model is based on ensuring macroeconomic stability and transitioning to higher-productivity sectors with greater economic complexity.
It further highlighted that the initiative aims to benefit from Egypt’s strong infrastructure that supports manufacturing and exports, as well as its strategic geographic location.
It also aims to continue implementing the National Structural Reform Program to unlock the economy’s potential and promote private sector-led growth through a coordinated national effort.
The statement noted that the EBRD is the leading multilateral development bank in terms of private sector financing, accounting for 22% of funding totaling approximately dlrs 16 billion since 2020.
The bank plays a vital role in implementing the EU’s investment guarantee mechanism, also known as the European Fund for Sustainable Development Plus (EFSD+), which aims to attract local and foreign investments and empower the private sector through an integrated strategy aligned with Egypt’s national priorities.
The EBRD also supports the green transition and the development of small and medium enterprises (SMEs), while providing technical assistance to encourage public-private partnership (PPP) projects.
The joint statement affirmed that the strategic partnership with the EBRD has played a pivotal role in advancing sustainable infrastructure, industrial development, and renewable energy, while expanding access to finance through credit lines provided to local banks, including for SMEs and startups, with a special focus on empowering women and youth.
The EBRD’s concessional financing has contributed to advancing digital transformation and stimulating investment through flagship initiatives such as the NWFE (Nexus of Water, Food, and Energy) platform, thereby reinforcing the resilience and competitiveness of the Egyptian economy in pursuit of inclusive and sustainable, private sector-led growth.
Both sides stressed that accelerating the pace of reforms is a key factor in advancing Egypt’s new economic model, one that consolidates macroeconomic stability and unlocks the private sector’s potential to drive growth, job creation, and innovation.
The statement concluded by affirming the EBRD’s readiness to continue supporting Egypt’s economic reform agenda through a partnership that stands as a model of integration in fostering growth, employment, and economic resilience.
