Eib Strengthens Middle East And North Africa Cooperation With New Cairo HubSource: www.export-egypt.com 11/21/2023, Location: Africa |
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The European Investment Bank (EIB) has inaugurated a new regional hub in Cairo to foster cooperation with Middle Eastern and North African (MENA) partners, according to a statement by the bank .
The establishment of this hub, as announced by Egypt's Prime Minister Mostafa Madbouly, signifies a strengthened alliance between the EIB and MENA countries. The ceremony was attended by influential figures, including Minister of International Cooperation Rania Al-Mashat, Gelsomina Vigliotti, EIB Vice President, and over 150 political, business, and banking leaders from Egypt and abroad. Al-Mashat commended the EIB as Egypt's leading international partner, emphasizing its pivotal role in providing financial and technical support for climate action, business, energy, water, and transport investment. She recognized the vast potential it holds for unlocking new opportunities in the years to come. For her part, Vigliotti echoed Al-Mashat's sentiments, underscoring the importance of the new regional hub in deepening EIB collaboration with Egypt and other regional countries, from Lebanon to Morocco. “This strategic move is expected to catalyze fresh investments in Egypt and the broader MENA region, leading to improved livelihoods and enhanced economic opportunities,” she added. Ambassador Christian Berger, Head of the EU Delegation in Egypt, expressed his optimism for the hub's impact, saying it will drive new investments in Egypt and economic development in the entire region. Berger emphasized that this initiative aligns with the EIB's long-standing commitment to support projects related to business growth, water management, renewable energy, and sustainable transport in Egypt. In May, Vice President Vigliotti announced the EIB's commitment to invest over €50 million annually in venture capital and private equities in the Egyptian market, with a focus on sustained growth. Moreover, in February, the EIB allocated $27 million to participate in the $150 million Middle East Venture Fund, marking the largest-ever venture capital engagement by the bank in the region. |
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