Gelsomina Vigliotti and EIB delegation discussed investment priorities with Prime Minister Madbouly
EIB welcomed the successful completion of Cairo Metro Line 3, the EIB’s largest transport investment in Africa
Vice-President highlighted the importance of climate action ahead of COP 27
Egyptian Prime Minister Mostafa Madbouly and Minister of International Cooperation Dr. Rania Al-Mashat met EIB Vice-President Gelsomina Vigliotti today and praised Egypt’s distinguished partnership with the EIB as well as the Bank’s commitment to financing priority projects and enhancing cooperation with the private sector in the country.
“Egypt is the leading country of operation for the European Investment Bank outside Europe, and this is my first official visit to the country since being nominated Vice-President. Today’s discussions with Prime Minister Mostafa Madbouly and his ministerial colleagues covered the EIB’s EUR 1 billion engagement provided last year in the country and the increased support to sustainable transport, climate action, water, and business investment across Egypt. Today’s exchange builds upon working meetings with Foreign Minister Shoukry and International Cooperation Minister al-Mashat at the EIB’s Luxembourg headquarters in recent weeks. The EIB has a unique experience supporting climate action here in Egypt and around the world and is working closely with Egyptian partners ahead of COP 27,” said Gelsomina Vigliotti, Vice-President of the European Investment Bank.
EIB supporting priority investment across Egypt
The Prime Minister welcomed Vice-President Gelsomina Vigliotti on her first official visit to Egypt and highlighted the broad impact of the EIB’s current support for EUR 3.5 billion of public and private sector investment. This includes support for water, sanitation, transportation, civil aviation, small and medium companies, energy and the environment investment across Egypt.
He further emphasised the importance of accelerating private sector investment for economic growth and briefed the EIB delegation on government plans to expand the role of the private sector in the national economy and economic reforms.
Egypt and EIB climate cooperation ahead of COP 27
Prime Minister Madbouly and Vice President Vigliotti discussed the EIB’s climate action engagement and cooperation ahead of COP 27.
Dr. Mostafa Madbouly explained that Egypt has already launched the "National Climate Change Strategy 2050", which aims to achieve sustainable economic growth by reducing emissions, building resilience to climate changes, developing climate change governance and procedures, and improving scientific research and technology management.
He added that the strategy includes adaptation and mitigation programs until the year 2050 in various sectors, in particular: energy, transportation, agriculture, and water resources.
Today’s meeting with Prime Minister Madbouly follows working meetings with Foreign Minister Sameh Shoukry and Minister of International Cooperation Dr. Rania Al-Mashat at the European Investment Bank’s headquarters in Luxembourg in recent weeks.
The EIB is owned directly by the 27 Member States of the European Union and has provided EUR 14 billion million for long-term public and private investment across Egypt since 1979.
EIB Global is the EIB Group’s new specialised arm dedicated to increasing the impact of international partnerships and development finance. EIB Global is designed to foster strong, focused partnership within Team Europe, alongside fellow development finance institutions, and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices across the world.
Egyptian Foreign Minister and COP 27 President Designate Sameh Shoukry today met Werner Hoyer, President of the European Investment Bank, at the EIB’s Luxembourg headquarters, to discuss preparations and priorities for COP 27, cooperation with the world’s largest international public bank and EIB engagement in Egypt. Egypt is the largest country of operation for the European Investment Bank outside Europe.
European Investment Bank Vice President Gelsomina Vigliotti today joined Egyptian leaders and international financing institutions at the formal inauguration of the new Cairo Metro Line 3 at Adly Mansour Station.
EIB Vice President Dario Scannapieco will visit Egypt later this week to participate in the “Invest in Africa 2019” Forum and mark the 40 year anniversary of local operations of the world’s largest multilateral financial institution in Egypt.