Minister of Planning, Economic Development and International Cooperation holds an expanded meeting with the Vice President of the European Investment Bank and accompanying delegation to discuss the future of the strategic partnership

During her first visit to the Middle East region in 2026

 

Minister of Planning, Economic Development and International Cooperation holds an expanded meeting with the Vice President of the European Investment Bank and accompanying delegation to discuss the future of the strategic partnership

 

H.E. Dr. Rania Al-Mashat: International cooperation and strategic partnerships are a core pillar of Egypt’s Narrative for Comprehensive Development: Reforms for Growth, Jobs & Resilience

Egypt is the largest country of operations for the European Investment Bank outside the EU, with investments exceeding €14 billion since 1979

The EIB is one of the largest multilateral financiers of the domestic and foreign private sector in Egypt

Establishing a regional EIB hub in Cairo strengthens Egypt’s position as an international platform for development partners’ financing

€3.1 billion in EIB credit lines extended to Egyptian banks between 2020–2024

EIB investments have helped mobilize foreign direct investment in vital sectors, particularly renewable energy

 

H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, held an expanded meeting with Ms. Gelsomina Vigliotti, Vice President of the European Investment Bank (EIB), Mr. Andrew McDowell, Director of EIB Global (the development arm of the European Investment Bank), and their accompanying delegation. The meeting took place during her first visit to the Middle East region in 2026 and focused on discussing the future of bilateral relations in light of the strategic partnership between Egypt and the European Union.

 

During the meeting, H.E. Dr. Al-Mashat presented the second edition of Egypt’s Narrative for Comprehensive Development: Reforms for Growth, Jobs & Resilience, which serves as a comprehensive framework guiding sustainable, inclusive, and private sector-led growth. She explained that the narrative emphasizes achieving macroeconomic stability, implementing structural reforms, enhancing competitiveness, and expanding private sector participation, while prioritizing the green transition, digital transformation, and human capital development.

 

H.E. Dr. Al-Mashat affirmed that Egypt highly values its strategic partnership with the European Investment Bank in mobilizing financing, mitigating investment risks, and supporting private sector-driven development in line with national priorities. She noted that Egypt is the EIB’s largest country of operations outside the European Union, with investments exceeding €14 billion since 1979, including €7.2 billion directed to the private sector, making the EIB one of the largest multilateral financiers of domestic and foreign private sector activity in Egypt.

 

She further emphasized that the establishment of a regional EIB hub in Cairo enhances Egypt’s position as an international platform for development partners’ financing. She noted that the Bank’s investments have played a key role in mobilizing foreign direct investment in vital sectors, particularly renewable energy. In this context, she referred to the major Scatec renewable energy project inaugurated the previous day, in which the EIB is a key contributor, describing it as a strategic project for securing Egypt’s energy supply.

 

H.E. Dr. Al-Mashat also highlighted that, following up on the meeting with the EIB mission held last December and in preparation for enhanced cooperation in 2026 and beyond, a number of EIB private sector priorities announced at the start of 2026 were reviewed. These priorities closely align with Egypt’s national development agenda, notably financing the green transition and supporting climate action as a key strategic priority to promote sustainable growth, as well as advancing the energy transition as a central pillar of Egypt’s development efforts.

 

The meeting further discussed cooperation between Egypt and the European Investment Bank under the NWFE Program, particularly its energy, food, and water pillars, as well as NWFE+, with a focus on the sustainable transport pillar.

 

For her part, Ms. Gelsomina Vigliotti, Vice President of the European Investment Bank, stated that “the partnership with Egypt represents an advanced model of cooperation based on empowering the private sector and supporting the transition toward a green economy. We place great importance on maintaining and further strengthening this partnership, given its pivotal role in supporting the Egyptian government’s efforts and advancing its development priorities.”

 

She added that the EIB’s Executive Board has approved USD 150 million in financing for one of the largest renewable energy projects in Africa, which was inaugurated the previous day by the Prime Minister. She affirmed that the Bank is proud to support this exceptional project, which reflects its strong commitment to supporting the green transition in Egypt. Ms. Vigliotti further emphasized that the EIB continues to support Egypt’s key national targets, particularly achieving 42% of electricity generation from renewable energy sources, underscoring the Bank’s commitment to advancing sustainable development and climate action pathways in Egypt.