Egypt and the European Bank for Reconstruction and Development (EBRD) inked two memorandums of understanding (MoUs) on Saturday in the fields of green hydrogen and tourism, as well as the establishment of the Alexandria Metro system.
This is all part of the state’s commitment to transition to a green economy through creative initiatives, increased human capital investment, and a change to a sustainable and green transportation sector as part of the country’s 2050 climate action policy.
The signings took place during a presentation to kick off Egypt’s joint country strategy with the EBRD.
The Ministry of International Cooperation and the EBRD signed a €250 million development financing agreement for the Alexandria Metro project, which aims to develop and electrify the existing Abu Qir railway, which connects downtown Alexandria to the Abu Qir area in the governorate’s northeast.
Additionally, Egypt’s Ministries of Electricity and Renewable Energy, as well as Petroleum and Mineral Resources, signed an MoU with the EBRD to study the prospects for a low-carbon hydrogen economy in the country. This technical assistance aims to gain a better understanding of the technological, economic, and regulatory viability of creating hydrogen supply chains within the framework of the economy.
Additionally, the Ministry of Tourism and Antiquities and the Egyptian Federation of Tourist Chambers signed an agreement with the bank to collaborate on the establishment of a tourism Sector Skills Council (SSC) in Egypt, through which the bank will provide technical assistance to train young men and women in identifying market-required skills, developing qualification frameworks, and providing training in the tourism and hospitality sectors.
Rania Al-Mashat, Egypt’s Minister of International Cooperation and Governor of the EBRD, stated during the conference that the cooperation documents signed with the EBRD reflect the two sides’ strategic relationship, and their role in supporting Egypt’s development efforts is considered the start of joint action under the new cooperation strategy.
Additionally, Al-Mashat stated that the coming period will see increased collaboration with the EBRD in support of the state’s new 2022-2027 strategy for development and the initiatives it implements to progress all sectors.
Mark Bowman, the ERBD’s Vice President for Policy and Partnerships, stated that the bank had given financing in excess of €8.6 billion in the Egyptian market since its inception. They have been directed thus far to fund around 140 initiatives in Egypt aimed at increasing the private sector’s participation in the Egyptian economy.
Bowman also expressed support for Egypt’s 2030 aim to transition into a more inclusive economy capable of funding the private sector.
He indicated that the bank will continue to assist Egypt in combating climate change and will provide adequate financing possibilities for projects aimed at increasing the added value of the industry and implementing necessary changes as part of the partnership plan inked with Egypt last month.
Minister of Foreign Affairs Sameh Shoukry, for his part, said the strategy’s acceptance marks the result of months of labor, complimenting Al-Mashat and her ministry for spearheading a comprehensive consultative process.
He added that the foreign ministry was also involved in conversations at the national level and via Egypt’s embassies overseas.
Additionally, Shoukry stated that the strategy’s ratification corresponds with Egypt’s continued efforts to achieve sustainable development in a manner that satisfies the Egyptian people’s aspirations and contributes to the country’s progress on all levels.
He also noted that these initiatives encounter numerous obstacles, whether related to the current international political climate or the effects of the coronavirus pandemic and its numerous consequences, and that the strategy’s value is amplified by its potential to assist Egypt in overcoming those obstacles.
He explained that the Egyptian economy has become more capable than ever of absorbing shocks and overcoming crises, as well as attracting foreign investment, as a result of the state’s ambitious growth plan undertaken under President Abdel Fattah Al-leadership. Sisi’s
Shoukry added that the launch of the collaboration strategy between Egypt and the bank coincides with Egypt’s hosting of the next session of the United Nations Framework Convention on Climate Change’s Conference of the Parties (COP 27) in Sharm El-Sheikh this November.
