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bankingSeptember 9, 2022

El-Sisi holds talks with European Bank for Reconstruction and Development

EBRD and Egypt announced new cooperation partnership until 2027 in March

CAIRO: Egypt’s President Abdel Fattah El-Sisi discussed with Odile Renaud Basso, president of the European Bank for Reconstruction and Development, ways to enhance cooperation.

During the meeting, El-Sisi praised the distinguished relations between Egypt and the EBRD in light of the bank’s role as a partner in Egypt’s development in recent years.

El-Sisi expressed his hopes to explore more areas of cooperation with the EBRD in light of the comprehensive development process that is being implemented in the country at the economic and social levels, especially in clean energy and support for the transition to a green economy.

The pair discussed “ways to enhance cooperation with the EBRD and working on increasing its contribution to financing projects implemented in Egypt, in light of the endorsement of the new strategy for cooperation between Egypt and the bank, particularly in new and renewable energy projects,” the presidential spokesman said.

The meeting was attended by Egypt’s Prime Minister Mostafa Madbouly, Minister of Foreign Affairs Sameh Shoukry, and Rania Al-Mashat, Cairo’s minister of international cooperation, who announced a new cooperation strategy between the EBRD and Egypt until 2027 in March.

Odile affirmed the bank’s pride at its close relations with Egypt and its various financial institutions, and its keenness to enhance cooperation with Cairo, especially with regard to financing green transformation projects.

Ahead of her visit to Egypt, Odile said: “Egypt is an energy superpower for the new world emerging from the green transition,” according to the EBRD site.

“This creates huge opportunities to shift away from reliance on gas, and to open up new industries such as desalination, green hydrogen, green fertilizer or green steel,” she added.

Last month, the EBRD and Hyundai Rotem joined together to improve the practical abilities of young Egyptians by offering certified training in the upkeep of transportation equipment and rolling stock.