Egypt, EIB to Strengthen Collaboration on Sustainable Development, Economic Growth

European Investment Bank (EIB) President Nadia Calviño welcomed Minister of International Cooperation Rania Al-Mashat to the EIB's headquarters in Luxembourg for a meeting on strengthening economic cooperation.

Discussions focused on the EIB's financial and technical support for priority investments that enhance economic opportunities, address climate change challenges, tackle global food and energy shocks, and improve public health for millions of Egyptians.

The visit underscores the deepening collaboration between Egypt and the EIB in fostering sustainable development, climate action, and economic growth.

"Egypt is a key partner for the European Investment Bank, and I was delighted to welcome Minister Al-Mashat to Luxembourg today at our headquarters to explore how we can further deepen our cooperation,” Calviño stated.

She added that Tuesday’s discussions pave the way for more collaboration in the future. They reflect the shared commitment of Egypt and the European Union to promote impactful investments in clean energy, sustainable transport, water, and small and medium-sized enterprises (SMEs) across the country via Egypt's Nexus of Water, Food, and Energy (NWFE) platform and as part of the upcoming EU-Egypt Strategic and Comprehensive Partnership.

Minister Al-Mashat said that the EIB is one of Egypt's main multilateral development partners, an important member of Team Europe that engages in a wide-ranging portfolio of development projects across vital economic sectors.

“Over the past four years, the EIB has been leading financing to the private sector through innovative financial arrangements. Moreover, as Egypt is the EIB's largest country of operations outside of Europe, the bank actively collaborates with other bilateral and multilateral development partners to finance and support priority projects,” the minister stated.

According to Al-Mashat, this is most evident in Egypt's Country Platform for NWFE.

The EIB is leading the sustainable transport pillar of the NWFE initiative, demonstrating its commitment to addressing interconnected development challenges.

“Building on the above, the recently launched EIB Global Regional Hub in Cairo provides new opportunities for cooperation.

I wish the new President Nadia Calviño a successful and impactful tenure and look forward to working together to strengthen our partnership further," added Al-Mashat.

Moreover, the discussions explored how the EIB's unique financial, technical, environmental, and social expertise can support new investments in Egypt and the region to improve livelihoods and enhance economic opportunities.

Over the past 45 years, the EIB has been a significant international financing partner for Egypt, providing over 15 billion euros to support transformative private and public investments across the country.

In recent years, the EIB has backed venture capital and business investments, clean energy projects, water improvements, and sustainable transport initiatives in Egypt.

The discussions also covered EIB support for future public and private investments and participation in the Egypt-EU investment conference planned in Cairo later in 2024.

The EIB's investment agreements, made in 2023, aim to create skilled jobs, improve access to microfinance in rural areas, and assist Egyptian companies in reducing energy costs, carbon emissions, and pollution.