EBRD Seeks to Increase Annual Funding to €13 BlnSource: www.export-egypt.com 10/10/2020, Location: Africa |
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The European Bank for Reconstruction and Development's (EBRD) new strategy for 2021-2025 will focus on accelerating the pace of recovery from the COVID-19 pandemic and strengthening the private sector by increasing its share in the bank’s investments to more than 75 percent.
The new strategy was approved during the EBRD’s 29th annual meeting that took place over the past week, which witnessed the election of the first woman president Odile Renaud Basso. EBRD is seeking to raise its annual funding to €13 billion, up from its record €10 billion in 2019, to address the COVID-19 challenges. The new strategy targets repositioning EBRD as a leader in green finance. The bank has an ambitious plan to become a majority green bank by 2025 and increase its share of green financing to at least 50 percent of its total financing by 2025. Minister of International Cooperation and Governor of Egypt at the EBRD Rania Al-Mashat said Egypt commends the new strategy to achieve a full green economy transition that is in line with Egypt’s agenda. Al-Mashat praised the strategic relations with the EBRD, saying that the bank’s investments amounted to about €1.2 billion in 2019 in 23 projects, of which 80 percent were for the private sector, which reflects the role played by the ministry to coordinate with multiple development partners to strengthen economic cooperation and contribute to Egypt’s sustainable development. EBRD's ongoing projects in Egypt have recorded €4.5 million, 60 percent of which are in the private sector, while it's accumulative investments registered €6.8 million in 123 projects, reported EBRD. |
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