Al Mashat and EBRD SEMED head discuss Egypt’s new development strategy

Following up on ongoing negotiations for Egypt’s new strategy for 2021/2026, senior officials and representatives from the Ministry of International Cooperation and European Bank for Reconstruction and Development (EBRD) met to discuss further mutual cooperation.

Minister of International Cooperation Dr. Rania Al Mashat met with Managing Director for the Southern and Eastern Mediterranean (SEMED) region at the European Bank for Reconstruction and Development Heike Harmgart as well, discussing the results of recently launched workshops, and to agree on the frameworks for preparing the country strategy according to government development priorities.

Al Mashat noted that negotiations with the European Bank for Reconstruction and Development will bring together all concerned national authorities to ensure the priorities of each sector, achieving sustainable development goals on national level.

Related > Several ministers meet with World Bank to prepare new climate action report

The minister also pointed out that her ministry will continue to follow up and coordinate with relevant parties until a strategy is developed that will fulfill Egypt's aspirations towards inclusive and sustainable development and green transformation.

Harmgart expressed her happiness at launching negotiations with the Egyptian government to prepare the 2021/2026 strategy, continuing the bank’s supporting role in Egypt's Vision 2030.

The meeting included the preparation of a high-level workshop for compatibility on the work hubs over the next five years, and discussions on Egypt’s ongoing partnerships with EBRD, particularly on stimulating the private sector and enhancing its participation in development efforts through providing development financing.

Al Mashat highlighted the strategic partnership between the two, which drives development efforts at the government and private sector level.

The negotiations with the European Bank for Reconstruction and Development and Ministry of International Cooperation are within the framework of the Ministry of International Cooperation’s role to promote joint action with development partners to support the national development vision, said Dr. Rania Al Mashat.

Interested in learning more of Egypt’s multilateral relationships? Catch all Ministry of International Cooperation related news Here

Harmgart highlighted Egypt and EBRD’s historic partnership, noting that the bank has invested more than €7.4 billion since 2012 in Egypt, with 75 % distributed to the private sector.

The Ministry of International Cooperation is currently in negotiations with other development partners to prepare future strategies, but are confident of the leadership role played by Al Mashat, to achieve coordination and harmonization of all partners and strategies to receive the support required for national development efforts through joint action.

In the past few days, the MoIC launched negotiations with the EBRD with representatives from 17 government entities, following the adoption of the bank's strategy which is based on three key axis: supporting the transition to green economy and promoting environmental sustainability; promoting equality of opportunity between gender, and digital transformation.