Egypt’s Foreign Minister Praises European Investment Bank’s Role in Infrastructure Projects

Meeting between Foreign Minister and President of the European Investment Bank.

Dr. Badr Abdel Aty, Egypt’s Foreign Minister for International Cooperation and Egyptians Abroad, met with Nadia Calvino, President of the European Investment Bank, on Monday at the bank’s headquarters in Luxembourg.

During their meeting, Abdel Aty emphasized Egypt’s commitment to its strategic partnership with the European Union, highlighting the European Investment Bank’s crucial role in supporting this partnership at both developmental and investment levels. He praised the collaboration between Egypt and the bank, noting that Egypt is the largest recipient of the bank’s operations outside the EU.

The Foreign Minister reaffirmed the Egyptian government’s dedication to continuing its economic and structural reform program, which aims to enhance the investment climate and bolster Egypt’s economy against current regional and international challenges.

He also underscored the significance of a food security support project funded through bank investments, which contributes to strengthening resilience against global supply chain challenges.

Abdel Aty commended the bank’s financial support for infrastructure projects, particularly in transportation, water, and sewage sectors. He pointed out the pivotal role of the bank in supporting and implementing the “Novi” program, a national platform that enhances connectivity among water, food, and energy sectors while mobilizing concessional financing to support efforts toward a green economy.

The Foreign Minister highlighted the importance of maximizing benefits from the European Investment Bank’s regional office in Cairo and its role in fostering regional cooperation. He expressed hopes for enhancing joint collaboration in several areas in the upcoming phase, including green transformation projects and financing for health and housing initiatives.

Furthermore, Abdel Aty witnessed the signing ceremony of a government agreement related to a project aimed at upgrading Egypt’s electricity network. He also participated in an agreement for developing a multi-vaccine production facility for VACSERA, marking it as Egypt’s first collaborative project with the bank in health sector initiatives.