The Board of Governors of the European Bank for Reconstruction and Development (EBRD) has agreed to expand its operations in Africa.
Addressing EBRD Annual Meeting 2022, Minister of International Cooperation Rania Al-Mashat praised the decision as being consistent with the objectives of strengthening regional cooperation, achieving common development in Africa, and expanding the participation of the private sector.
In her virtual address to the event, she also expressed appreciation for the cooperation between EBRD team and the Egyptian government to support joint development efforts.
The meeting is being held at a very important time as successive challenges face member states, which confirms the importance of joint work to establish stronger development partnerships and enhance joint action to meet the current development challenges, Mashat said.
The world is going through a very important juncture as it faces a series of shocks and challenges related to the coronavirus pandemic, then the Russian-Ukrainian war and its various repercussions, which cast a state of uncertainty at the level of the international community, caused food and energy prices to rise, and prevented progress in promoting development efforts, she added.
Egypt spares no effort in enhancing development cooperation with international institutions, multilateral development banks, the private sector and civil society with the aim of achieving inclusive and sustainable growth and enhancing the transition to a green economy, the minister said.
She stressed the government’s intention to move forward with reforms, as the structural reform program was launched in April 2021, focusing on labour-intensive economic sectors such as manufacturing, agriculture, communications and information technology, to enhance the competitiveness and productivity of the national economy and support its flexibility to achieve comprehensive and sustainable economic growth.
Source: State Information Service Egypt