EBRD provides $2.5B to support Egypt's private sector

Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, met with Odile Renaud-Basso, President of the European Bank for Reconstruction and Development (EBRD), to discuss ongoing and future collaboration.

 

The discussions focused on expanding the cooperation portfolio and exploring new areas aligned with Egypt's governmental priorities.

 

Al-Mashat highlighted significant progress achieved through joint efforts with national entities and the EBRD, including renewable energy agreements with the private sector amounting to 4.7 GW.

 

These initiatives have mobilized over $2.5 billion in concessional financing from the EBRD, other development banks, and international partners.

 

She emphasized that current collaboration targets achieving 10 GW of renewable energy capacity while phasing out 12 thermal power plants with a combined capacity of 5 GW.

 

This aligns with Egypt’s National Integrated and Sustainable Energy Strategy, which seeks to increase renewable energy’s share to 42 percent of total energy production by 2030.

 

Discussions also focused on mobilizing additional concessional financing and encouraging private sector investments under the NWFE program.

 

Al-Mashat noted that the NWFE program's success, particularly in the energy sector, has positioned it as a model for international replication by other governments and development partners.