CAIRO, June 15 (MENA) - Prime Minister Mostafa Madbouly has lauded the strategic partnership between the Egyptian government and the European Investment Bank (EIB), expressing his keenness to broaden avenues of cooperation with the Bank in the coming period, particularly in light of the serious geopolitical challenges currently facing the region and the world.

The Prime Minister’s remarks came during his meeting Sunday with Gelsomina Vigliotti, EIB Vice President for the Mashreq Region, and her accompanying delegation, on the sidelines of the Development Finance to Foster Private Sector-Led Growth & Jobs" conference in the New Administrative Capital.

The meeting was attended by Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat.

Madbouly praised the strong partnership with the EIB and its commitment to financing priority development projects in Egypt while supporting private sector growth.

He reaffirmed the government’s commitment to empowering and encouraging the private sector, which he described as a strategic partner in driving economic development.

The premier noted that the share of private investments in total national investments has risen significantly in recent years, thanks to sustained government support.

He added that the state had set clear targets for increasing private sector contribution; targets that have already been exceeded.

Madbouly also highlighted Egypt’s collaboration with key development partners, including the International Finance Corporation (IFC), particularly in the state IPO program and in sectors such as airport management, telecommunications, and renewable energy.

He emphasized that EIB contributions have played a major role in boosting private sector involvement.

For her part, Vigliotti affirmed EIB's long-standing cooperation with Egypt, especially in the energy sector, with a special focus on renewables, describing Egypt as a promising market in this field.

She also pointed to other areas of ongoing cooperation, including electricity networks and transmission infrastructure, and expressed the Bank’s interest in collaborating with Egypt on water projects.

Meanwhile, Mashat underscored the strong support provided by the EIB and the breadth of the Bank’s cooperation with Egypt since 1979.

She noted that the EIB has funded 127 projects worth approximately €14 billion across both public and private sectors.

The minister stated that the current cooperation portfolio stands at around €2.9 billion, supporting 16 development projects in transport, environment, sanitation, civil aviation, and SMEs.

She expressed her hope to further expand cooperation in the areas of SMEs and entrepreneurship. (MENA)

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