US economy slows to 1.6% in Q1 of '24 – BEA    EMX appoints Al-Jarawi as deputy chairman    Mexico's inflation exceeds expectations in 1st half of April    GAFI empowers entrepreneurs, startups in collaboration with African Development Bank    Egyptian exporters advocate for two-year tax exemption    Egyptian Prime Minister follows up on efforts to increase strategic reserves of essential commodities    Italy hits Amazon with a €10m fine over anti-competitive practices    Environment Ministry, Haretna Foundation sign protocol for sustainable development    After 200 days of war, our resolve stands unyielding, akin to might of mountains: Abu Ubaida    World Bank pauses $150m funding for Tanzanian tourism project    China's '40 coal cutback falls short, threatens climate    Swiss freeze on Russian assets dwindles to $6.36b in '23    Amir Karara reflects on 'Beit Al-Rifai' success, aspires for future collaborations    Ministers of Health, Education launch 'Partnership for Healthy Cities' initiative in schools    Egyptian President and Spanish PM discuss Middle East tensions, bilateral relations in phone call    Amstone Egypt unveils groundbreaking "Hydra B5" Patrol Boat, bolstering domestic defence production    Climate change risks 70% of global workforce – ILO    Health Ministry, EADP establish cooperation protocol for African initiatives    Prime Minister Madbouly reviews cooperation with South Sudan    Ramses II statue head returns to Egypt after repatriation from Switzerland    Egypt retains top spot in CFA's MENA Research Challenge    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    EU pledges €3.5b for oceans, environment    Egypt forms supreme committee to revive historic Ahl Al-Bayt Trail    Debt swaps could unlock $100b for climate action    Acts of goodness: Transforming companies, people, communities    President Al-Sisi embarks on new term with pledge for prosperity, democratic evolution    Amal Al Ghad Magazine congratulates President Sisi on new office term    Egypt starts construction of groundwater drinking water stations in South Sudan    Egyptian, Japanese Judo communities celebrate new coach at Tokyo's Embassy in Cairo    Uppingham Cairo and Rafa Nadal Academy Unite to Elevate Sports Education in Egypt with the Introduction of the "Rafa Nadal Tennis Program"    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



EBRD to start consultation on Egypt's 5-year strategy in September: President
EBRD to aim for a majority of green investments by 2025 in all the countries of operation, says Odile Renaud-Basso
Nehal Samir Published in Daily News Egypt on 02 - 07 - 2021

European Bank for Reconstruction and Development (EBRD) will discuss the bank's strategy in Egypt for the next five years in early September, EBRD President Odile Renaud-Basso told Daily News Egypt on Friday.
During a Friday press conference on the sidelines of the EBRD's 30th Annual Meeting and Business Forum, she revealed that the bank has started to engage in this process and that there will be a public consultation in early September.
Renaud-Basso confirmed that means a lot of work for the bank and the stakeholders, and for the country itself to define strategic objectives.
"I think from where we are now, the bank's key objective in Egypt is to contribute to developing the private sector, and renewable energy," she said.
"I think we've been doing very important progress in Egypt's renewable sector with a big reform in the energy sector," Renaud-Basso added.
"When I was in Egypt we signed the loan for the country's largest private solar plant in Kom Ombo, which is extremely competitive in terms of cost of solar energy produced in the country," EBRD President explained.
Notably, In April, Renaud-Basso paid her first official visit to Egypt since entering office in November.
"During my visit, I also met with some innovative companies trying to launch startups, FinTech and technology companies. And I think these are very interesting areas on which we will need to focus more," she said.
Renaud-Basso announced that the EBRD aims to become a majority green bank by 2025 with 50% of the bank's investments in green projects across all the countries that they operate in.
She stressed that the bank is trying to push out as it can to have that in every country including Egypt.
Regarding Egypt's economic performance, Renaud-Basso said that the Egyptian economy has been quite remarkable in 2020, as it was one of the few countries that achieved positive growth in EBRD's countries of operation.
In 2020, Egypt was the EBRD's largest country of operations in the Southern and Eastern Mediterranean (SEMED) region, accounting for more than €1 bn in financing for 21 projects; 47% of the bank's total investments in the region. Egypt was also the largest country of operations for two consecutive years in 2018 and 2019.
The current portfolio of cooperation between Egypt and the EBRD amounts to $1.3 bn. Since 2012, the EBRD has invested over €7.2 billion to implement 127 projects.

Clic here to read the story from its source.