Egypt - A delegation of the European Investment Bank (EIB) affirmed that Egypt is a major partner for the bank, pointing out that the cooperation portfolio between the two sides amounted to €7bn.

It also stressed that there is interest in entering into partnerships to develop areas of work for the private sector that are in line with Egyptian priorities in addition to continuing to fund infrastructure projects and supporting areas of human development.

This came in a meeting between Minister of Finance Mohamed Maait and an EIB delegation headed by Lionel Rapaille, where Maait affirmed the government’s interest in deepening the cooperation that has existed for 20 years between Egypt and the EIB to extend to priority areas of human development — namely health and education.

This is in addition to enhancing the participation of the private sector in economic activity, as it is the locomotive of growth, especially in light of the population increase, which calls for a sustainable increase in economic growth rates to achieve the desired development and to contribute to improving the standard of living of citizens and upgrading the services provided to them.

He also pointed out that the national comprehensive health insurance project fulfils the dream of all Egyptians in providing comprehensive and integrated health care for all family members in a way that contributes to strengthening the social protection net and reduces the severity of the negative effects of global crises.

Furthermore, Maait reviewed the Egyptian state’s efforts to create infrastructure to provide an attractive climate for local and foreign investment, in addition to opening new horizons for the expansion of partnership projects with the private sector in key areas, including water, information technology, transportation, and communications.

He also stressed the government’s keenness to take into account the environmental dimension in all of its projects as per its efforts to transition to a green economy in light of Egypt’s hosting of the upcoming 27th Conference of Parties on Climate Change (COP 27) in Sharm El-Sheikh this November.

For its part, The European Investment Bank delegation expressed its readiness to cooperate with the Egyptian side during the activities of the COP 27 by discussing ways to reduce the cost of green finance in developing countries.

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