Egypt, ERBD unveil economic recovery plan for 2021-2025

Cairo - Mubasher: The Egyptian Minister of International Cooperation, Rania El-Mashat, held a meeting with Juergen Rigtrenk, Acting President of the European Bank for Reconstruction and Development (EBRD), to discuss the new path for cooperation for 2021 until 2025, which is composed of four outcomes: reducing carbon emissions to enhance environmental sustainability, provide equal opportunities for women, and push forward digital transformation to promote youth employment.

Juergen Rigtrenk noted that EBRD and Egypt have fostered a strong partnership over the years with the purpose of implementing several projects to accelerate the pace of Egypt’s development journey, adding that EBRD has invested in 16 projects in Egypt this year.

On her part, Rania El-Mashat, Minister of International Cooperation, stressed that the new path of cooperation with the EBRD is in line with the future outlooks of the economy and national vision, as the cabinet recently approved a strategy to push for 30% of all investment projects to be environmentally sustainable to support a green recovery. Egypt also allocated an environmental advisor in each ministry

El-Mashat added that promoting equal opportunities for women is regarded as a macro-critical issue and is integral to Egypt’s development, as the Ministry of International Cooperation, in cooperation with the World Economic Forum and the National Council for Women, launched the Gender Accelerator Gap, which is a platform aimed at achieving women's economic empowerment, through close cooperation between the public and private sectors, the first of its kind in the Middle East and Africa.

In parallel with the women empowerment agenda, El-Mashat added that the pandemic has revealed the centrality of advanced technical solutions, which will help in accelerating business activities and more promoting job opportunities for youth.

The minister added that the new path for cooperation is consistent with the Global Partnerships Narrative: People, Projects, and Purpose (P&P&P), which puts people at the core to promote investment in human capital, implement projects at a faster pace to accelerate progress and for the purpose of achieving the 17 Sustainable Development Goals.

It is worth noting that Egypt received two awards from the European Bank for Reconstruction and Development this year for its efforts in the field of sustainability, winning the silver and bronze awards by the Environment and Sustainability Department for institutions and companies that have made outstanding contributions in five areas, namely, sustainable energy, climate resilience, environmental social practices, environmental social innovation, gender and women's economic empowerment, and inclusiveness.

The European Bank for Reconstruction and Development has invested more than 6.5 billion euros in more than 116 projects in Egypt covering all economic sectors, the most important of which are infrastructure, manufacturing, services, agriculture, banks and financial markets.