Egypt Enhances Climate Change Mitigation Efforts through European Investment Bank Cooperation

Strategic Insights -

Egypt's Minister of International Cooperation, Rania Al-Mashat, has emphasized the country's commitment to executing climate adaptation and mitigation programs through strategic partnerships with the European Investment Bank (EIB) and other development finance institutions. The government aims to align these efforts with its National Strategy for Climate Change 2050, which seeks to mitigate the impacts of climate change on the country's economy and environment.

Key Takeaways:

  • The Egyptian government is working to execute several projects with the EIB, including climate adaptation and mitigation programs, as part of its National Strategy for Climate Change 2050.
  • The projects will be carried out in coordination with relevant development finance institutions (DFIs) and technical support bodies.
  • Egypt's Minister of International Cooperation, Rania Al-Mashat, highlighted the vital role of multilateral development banks in supporting climate plans of action in Egypt, developing nations, and emerging economies.
  • The EIB has funded over 110 public and private projects in Egypt.
  • Egypt's Minister of Civil Aviation, Mohamed Manar, expressed interest in further cooperation with the EIB to improve the national air transport industry.
  • EIB Vice-President Gelsomina Vigliotti stated that Egypt is the bank's largest partner outside Europe, with joint cooperation opportunities being explored for the years ahead.
  • Egypt has received approximately £14 billion from the EIB since 1979, with around 53% of these funds going to private businesses and commercial banks.

Statistics:

  • Egypt received approximately £14 billion from the European Investment Bank since 1979.
  • Around 53% of the funds went to private businesses and commercial banks.
  • The EIB has funded over 110 public and private projects in Egypt.
  • Egypt aims to mitigate the impacts of climate change through its National Strategy for Climate Change 2050.

Sources:

  • (State Information Service Egypt, 5 July 2022)