CAIRO, May 5 (Xinhua) -- Egypt's Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat said on Monday that the European Bank for Reconstruction and Development (EBRD) has invested more than 13.8 billion euros (15.62 billion U.S. dollars) in the Egyptian economy since 2012, with the bulk directed toward the private sector.
Speaking during a meeting in Cairo with EBRD President Odile Renaud-Basso, Al-Mashat said over 86 percent of the bank's investments were channelled to private enterprises, underscoring what she described as its growing confidence in Egypt's economic prospects.
According to a statement from the ministry, Al-Mashat said the EBRD's activity over the past year reflects its strong belief in Egypt's ability to attract local and international firms seeking external financing.
She pointed to Egypt's structural reforms, particularly in the renewable energy sector, as a driver for increased investment, adding that the EBRD has been a key partner in mobilising innovative financing for various projects.
The minister pointed to Egypt's positive economic indicators, emphasizing the country's pursuit of comprehensive economic development driven by the private sector and focused on tradable and export-oriented sectors.
She reiterated Egypt's efforts to maintain macroeconomic stability and press ahead with structural reforms to support private sector growth and improve the investment climate.
The minister added that the government remains committed to its Initial Public Offering (IPO) program, aimed at maximising returns on state-owned assets.
Renaud-Basso, for her part, reaffirmed the EBRD's commitment to the Egyptian market, noting that the bank invested approximately 1.5 billion euros in Egypt last year. She also expressed the bank's intention to expand cooperation across a broader range of development sectors. ■
