CAIRO, May 5 (MENA) - Prime Minister Mostafa Madbouli said Egypt looks forward to continuing cooperation with the European Bank for Reconstruction and Development (EBRD), for being one of main supporters of the existing strategic partnership with the EU.

Madbouli made the remarks on Monday during his meeting with EBRD President Odile Renaud-Basso at the government headquarters in the New Administrative Capital, in the presence of Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat.

The meeting took up EBRD plans to support different economic sectors in Egypt in the coming period.

The premier extolled the distinguished strategic partnership with the EBRD, which has been reflected in increasing the bank's project portfolio in Egypt.

He noted that Egypt became EBRD's largest country of operations in the Southern and Eastern Mediterranean (SEMED) region in 2024 for the seventh time in a row.

The prime minister stated Egypt and the EBRD are currently collaborating in the new and renewable energy field, under the umbrella of the country's Nexus for Water, Food, and Energy (NWFE) program.

The planning minister reviewed the existing cooperation with the EBRD in various fields, notably renewable energy, water desalination and green hydrogen.

Mashat said more than 90% of EBRD's operations in Egypt are directed to the private sector.

She added that EBRD's investments in the private sector in 2024 amounted to approximately €1.5 billion in a number of priority sectors, such as food, agriculture, manufacturing and renewable energy.

On her part, the EBRD president said the bank aims to provide more support for the Egyptian private sector in the coming phase.

Renaud-Basso shed light on EBRD's backing for a number of economic sectors in Egypt, most notably renewable energy, health, digital transformation, the IPO program, and water desalination.

She lauded tax, customs and legislative reforms introduced by the Egyptian government to enhance the private sector's contribution to the economic activity.

the EBRD president indicated the bank plans to support youth and women empowerment programs, as well as small and medium-sized enterprises. (MENA)

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