Egypt’s International Cooperation Minister, Sahar Nasr, received European Bank for Reconstruction and Development’s (EBRD) Director for Egypt, Philip ter Woort, to discuss preparations of a new cooperation strategy for the coming years.
Development of the new strategy comes in light of the EBRD Board of Governors’ decision on 30th October to make Egypt a country of operations, meaning that all EBRD investments in the country will be financed from the ordinary capital resources of the Bank.
During the meeting, Nasr said the new strategy should incorporate Egyptian government’s priorities at present, mainly mega national projects that would offer more job opportunities and help improve living conditions. She added that the private sector has to be given special care as a large contributor to pushing forward development efforts in the coming period.
Egypt is currently giving priority to new and renewable energy projects, she said, calling on EBRD to put new-energy projects on top of its strategy in Egypt with a special focus on solar energy stations.
For his part, ter Woort said that the Bank will be offering funds needed for solar-energy-generating stations whether built by the public or private sectors, adding that EBRD’s President will visit Egypt in May in response to an invitation by Nasr.