| 26 February 2024, Monday |

Egypt, EBRD Launch New Cooperation in Energy, Tourism

Egypt and the European Bank for Reconstruction and Development (EBRD) signed two memoranda of understanding (MoU) on green hydrogen and established the Sector Skills Council (SCC) to boost the tourism sector.


They also signed an agreement to implement an Alexandria metro line with a total value of €250 million.


The new agreements are part of the framework of the new 2022-2027 strategy to meet Egypt’s development priorities and the strategies it implements to advance all sectors.


It comes within the framework of the state’s transition to a green economy through innovative strategies, increasing investment in human capital, and shifting to a sustainable and green transportation sector as part of the country’s 2050 strategy for climate action.


Egypt’s Minister of International Cooperation and EBRD’s Governor of Egypt Rania al-Mashat said the cooperation documents signed with EBRD reflect the strategic relationship between the two sides and their role in supporting the development efforts.


Mashat noted that they are the beginning of joint action within the framework of the new cooperation strategy.


The minister explained that the agreements stimulate efforts made within the framework of green transformation, reducing harmful emissions, increasing investment in human capital, supporting competencies, and developing workers’ skills in the tourism sector.


She also indicated that they would develop the transportation infrastructure to become more sustainable and keep pace with technological developments.


They will also promote joint work between the relevant parties and stimulate the participation of the private sector in development plans enhancing the state’s development vision and providing soft development funds and technical support in line with the strategic priorities of green economic transformation, said the minister.


Mashat stressed that the coming period would witness more cooperation with the EBRD within the framework to meet the state’s development priorities and the strategies it implements to advance all sectors.

  • Asharq Al-Awsat