The Egyptian House of Representatives has approved an amendment to the European Bank for Reconstruction and Development's (EBRD) establishment agreement, paving the way for the bank to expand its operations into sub-Saharan Africa and Iraq. The decision, ratified during a plenary session, approves Presidential Decree No. 70 of 2025, which adopts EBRD Board of Governors' Decisions No. 259 and 260. These decisions amend the EBRD's establishment agreement to enable geographical expansion and remove legal restrictions on capital for regular operations. Rania Al-Mashat, Egypt's Minister of Planning, Economic Development, and International Cooperation, and Egypt's Governor at the EBRD, stated that Egypt supports the expansion into sub-Saharan Africa and Iraq. Al-Mashat highlighted Egypt's position as one of the EBRD's largest countries of operation globally and the largest in the Southern and Eastern Mediterranean region. She added that expanding the bank's operations in Africa and Iraq strengthens South-South and triangular cooperation between Egypt and these countries, supporting efforts to exchange expertise and development experiences. "Expanding the Bank's Operations Supports Triangular and South-South Cooperation and the Exchange of Development Experiences Between the Countries of Operations," Al-Mashat said. Al-Mashat noted that since the EBRD began its investments in Egypt in 2012, it has invested €13.8bn in 194 projects, with 86% (€11.8bn) allocated to the private sector. She also stated that the framework for the country strategic partnership with the EBRD for the period 2022-2027 is currently being implemented. This partnership aims to support Egypt's efforts to achieve comprehensive and sustainable economic growth, accelerate the green transition, increase economic competitiveness, and improve the business environment for the private sector.
