EIB’s New Regional HQ in Cairo to “Open New Opportunities to Advance Development Efforts”Source: www.export-egypt.com 11/22/2023, Location: Africa |
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Prime Minister Mostafa Madbouly and Minister of International Cooperation (MoIC) Rania Al Mashat attended the inauguration of the European Investment Bank’s (EIB) regional headquarters in Cairo earlier this week.
The new HQ will enhance the bank’s cooperation with Egypt and Middle Eastern and North African (MENA) partners, as well as open “new opportunities to advance development efforts in the coming years,” according to an official statement. The bank’s decision to launch its new regional HQ in Egypt displays its confidence in the country’s strong relationship with the bank and EU partners, which was a result of decades of joint work and cooperation to establish and implement various developmental projects, explained Al Mashat. The ceremony was also attended by the bank’s new regional head, Guido Clary, who will coordinate efforts between the regional center and the bank’s six offices around the region. Al Mashat also explained that the EIB’s presence is vital in overcoming investment challenges, helping strengthen the engagement between the government and private sectors. The EIB and Egypt both public and private sectors signed agreements worth approximately €1.13 billion between 2021 and mid-2023, including €812 million of credit lines to commercial banks and private sector companies. "The European Investment Bank is Egypt’s leading international financial partner, and has provided financial and technical support for climate action, business, energy, water, and transport investment that has improved opportunities and services across Egypt over more than 40 years…The strengthened Cairo presence will deepen our partnership with the EIB and unlock new opportunities in the years to come,” she stated. The EIB is a significant partner in Egypt’s NWFE program with investments worth €4 billion allocated to support it and other sectors until 2023. “Strengthening the local presence of EIB Global is crucial to better address investment challenges and increase the impact of engagement with public and private investment partners. The new Regional Hub will further deepen European Investment Bank cooperation with Egypt and countries from Lebanon to Morocco,” said Gelsomina Vigliotti, Vice President of the European Investment Bank. |
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