Egyptian Foreign Minister Sameh Shoukry visits EIB to discuss COP 27 and investment in Egypt
21 June 2022
EIB President Werner Hoyer welcomes Egyptian climate leadership and confirms EIB support for climate action
Foreign Minister, EIB President and Vice Presidents discuss COP 27 priorities, including climate adaptation
EIB Vice President Vigliotti to visit Cairo in July
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 has been the largest country of operation for the European Investment Bank outside Europe in recent years
“Today’s discussions with EIB President Werner Hoyer provided a valuable opportunity to strengthen more than four decades of partnership between the European Investment Bank and Egypt and build on our shared commitment to scale up climate action. Close cooperation between climate leaders, such as the EIB, ahead of COP 27 is crucial to tackle the climate emergency. The EIB’s unique technical experience and financial expertise, as a leading investor in renewable energy, transport and water has benefited millions of Egyptians.” said Sameh Shoukry Egyptian Foreign Minister and COP 27 President Designate.
“The European Investment Bank is committed to scaling up climate action and the COP 27 climate conference in Sharm el Sheikh later this year provides an opportunity to accelerate engagement to moves from pledges to action and increase focus on climate adaptation. It is an honour to welcome Minister Shoukry and his colleagues to the EIB” said Werner Hoyer, President of the European Investment Bank.
Minister Shoukry was accompanied by Dr Badr Abdelaty, Ambassador of the Arab Republic of Egypt to Luxembourg and Ehab Nasr, Assistant Foreign Minister for European Affairs. Ambroise Fayolle, EIB Vice President responsible for climate action and development, Gelsomina Vigliotti EIB Vice President responsible for the Middle East and EIB financial and technical experts also joined the discussions. The EIB visit followed the meeting of the headquarters alongside the EU-Egypt Association Council.
The impact of Ukrainian crisis on energy prices and food security as well as future EIB support for climate adaptation investment in Egypt, development of green hydrogen and new electricity interconnectors between Egypt and Greece were also discussed.
EIB support for COP 27 preparations
The EIB is currently chairing the Heads of Multilateral Development Bank’s group and is co-hosting the Finance In Common summit in Abijan later this year.
Earlier this year the EIB launched a new development finance branch EIB Global to strengthen the impact of engagement in Egypt and countries outside Europe.
High-level engagement between the EIB and Egypt
Today’s meeting follows the visit of Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat to the EIB earlier this month to discuss strengthened bilateral cooperation and to participate in the Investing in Net Zero conference and EIB Vice President Ambroise Fayolle’s discussions with COP 27 organisers in Cairo in May.
EIB Vice President Gelsomina Vigliotti will visit Egypt early next month.
The European Investment Bank is a leading financier of climate investment across Africa. Since 1979 the EIB has provided more than EUR 14 billion for business, water, energy, sustainable transport and telecom investment across Egypt.
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 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.
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.
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.