The EIB’s choice to establish its new headquarters in Egypt reflects its confidence in the robust relations between the country and its EU partners
The European Investment Bank (EIB) inaugurated its new regional headquarters in Cairo earlier this week, strengthening cooperation with Egypt and Middle Eastern and North African (MENA) partners, as well as opening “new opportunities to advance development efforts in the coming years.”
Prime Minister Mostafa Madbouly and Minister of International Cooperation (MoIC) Rania Al Mashat attended the opening ceremony alongside Gelsomina Vigliotti, European Investment Bank Vice President.
The EIB’s choice to establish its new headquarters in Egypt reflects its confidence in the robust relations between the country and its EU partners, gained as a result of decades of joint work and cooperation to establish and implement various development projects, explained Al Mashat in an official statement.
The MoIC minister stated that Egypt welcomed the launch of the EIB’s new regional HQ, adding that its “presence in Cairo will strengthen our partnership and open new opportunities to advance development efforts in the coming years,” and greeted the bank’s new regional head, Guido Clary.
Clary will head the EIB's regional center in Egypt, along with a team of technical and financial experts, and will cooperate through the regional center with 6 offices throughout the region.
Al Mashat also explained that the EIB’s presence is vital in overcoming investment challenges, boosting 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.
