Egyptian Foreign Minister Calls for European Investment Bank to Expand Development Projects in Egypt

Cairo -- Egyptian Foreign Minister Dr. Badr Abdel Ati called on the European Investment Bank (EIB) on Tuesday to expand its development project portfolio in Egypt in order to support the Egyptian economy and enhance its capacity to confront regional and international challenges. The Egyptian Ministry of Foreign Affairs said in a statement that this came during a meeting between Abdel Ati and EIB Vice President Giuseppina Viletti, during which he expressed Egypt’s appreciation for the historic cooperative ties with the bank, which date back to 1979 and have included the implementation of 141 projects benefiting both the public and private sectors. The statement added that the two sides discussed the economic repercussions of the military escalation in the region and its impact on the Egyptian economy, with Abdel Ati stressing the Egyptian government’s commitment to continuing its economic and structural reform program, which contributes to improving the investment climate and strengthening the economy’s resilience in the face of current challenges. The statement clarified that the meeting also addressed ways to develop cooperation in financing projects in the fields of energy, health, transport, water, and food security, as well as mobilizing concessional financing and supporting the private sector as a key partner in implementing the development agenda, driving economic growth, stimulating investment, and creating jobs. In this regard, Abdel Ati emphasized the importance of the EIB-funded Food Security Support Project in helping Egypt cope with the repercussions of disruptions in global supply chains. He reiterated the importance of maintaining the momentum in relations with the bank, contributing to expanding the scope and number of its development projects in Egypt, thereby achieving mutual benefit and consolidating efforts toward sustainable development. According to the statement, Viletti reviewed the projects funded by the bank in Egypt across several areas, most notably infrastructure, environmental protection, and support for small and medium-sized enterprises. (End) M.M. / N.S.A.