Cairo: Dr. Mostafa Madbouly, Prime Minister of Egypt, engaged in discussions with Ms. Giusy Figlioli, Vice President of the European Investment Bank for the Eastern Mediterranean region, along with her delegation. This meeting took place in the context of the “Development Finance for Empowering the Private Sector: Economic Growth and Employment” conference, held in the New Administrative Capital, and saw the participation of Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation.
According to State Information Service Egypt, Dr. Madbouly emphasized the robust partnership between Egypt and the European Investment Bank, highlighting the bank’s role in financing priority projects and bolstering the private sector’s growth. The Prime Minister expressed optimism for enhanced cooperation frameworks with the bank, especially in light of prevailing global geopolitical challenges.
Dr. Madbouly reiterated the government’s dedication to fostering the private sector as a key player in economic development. He noted that private sector investment has witnessed a substantial rise, facilitated by government support, which has led to surpassing the state’s set targets for private sector contributions.
The Prime Minister also mentioned ongoing partnerships with global development entities like the International Finance Corporation, focusing on areas such as airport management, telecommunications, and renewable energy. He acknowledged the significant contributions of the European Investment Bank in supporting these sectors.
Ms. Figlioli expressed her appreciation for the longstanding cooperation with the Egyptian government, particularly in the energy and renewable energy sectors. She also discussed collaboration in electricity networks and transmission and showed interest in water projects.
Dr. Rania Al-Mashat highlighted the extensive support from the European Investment Bank since 1979, with 127 projects funded, worth approximately 14 billion pounds, spanning both public and private sectors. She noted the cooperation portfolio’s value of around 2.9 billion pounds, earmarked for 16 developmental projects across diverse sectors. She conveyed her aspirations for ongoing collaboration in small and medium enterprises and entrepreneurship.