CAIRO, May 5 (MENA) - President of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso stressed the depth of relations with Egypt as well as commitment to shoring up investments in the Egyptian market.

She pointed out that the bank invested about 1.5 billion euros (EGP 86 billion) in Egypt during 2024 and is interested in expanding cooperation in more development fields.

In statements following talks held Monday between the visiting EBRD president and Minister of Planning, Economic Development and International Cooperation Rania el-Mashat, the minister said the meeting took up preparations for EBRD meeting and business forum for the year 2025, slated for May 13-15 in London, as well as activities that are planned to be organized on the sidelines of the annual event, to enhance cooperation between the Egyptian government and the bank in various fields, within the framework of the strategic partnership between the two sides.

The meeting also tackled Egypt-EBRD current and future cooperation portfolio, along with enhancing investment in private sector projects.

At the onset of the meeting, Mashat welcomed Renaud-Basso, confirming the strategic partnership with the bank and highlighting investments worth more than 13.8 billion euros (EGP 790 billion) that have been pumped by EBRD into the Egyptian economy since 2012. The minister made it clear that more than 86% of these investments were channeled into the private sector.

She further highlighted the large investments made by EBRD over the past year that reflected the bank's great confidence in the Egyptian economy and structural reforms.

During the meeting, the minister reviewed the positive indicators of the Egyptian economy, referring to Egypt’s adoption of an approach that has aimed at achieving private sector-led comprehensive economic development. She also spotlighted the government’s efforts to enhance macroeconomic stability and press ahead with implementing structural reforms that would stimulate the private sector and provide a favorable climate for investment and business.

Mashat asserted as well that the government intends to move forward with Egypt's Initial Public Offering (IPO) program, with a view to maximizing returns from state-owned assets.
(MENA)

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