Egypt economic reforms greatly benefit private sector: EBRD president
The European Bank for Reconstruction and Development (EBRD) is foremost among international financial institutions supporting Egypt's economic growth.
With €13.8 billion in financing and investments in the Egyptian private sector, the bank is considered the strongest European lever for achieving economic growth and job creation within a competitive economy.
Ahram Online (AO): What is the purpose of your current visit to Egypt, and what are the key topics under discussion?
Odile Renaud-Basso (ORB): This is my fourth visit to Egypt since becoming president of the EBRD. My previous visits included two for monitoring the Bank's projects and one during COP27. On this occasion, I am here to hold high-level meetings with Egyptian officials, including Prime Minister Dr. Mostafa Madbouly, Minister of Planning and International Cooperation Dr. Rania Al-Mashat, and Minister of Investment and Foreign Trade Hassan Al-Khatib. Discussions have focused on cooperation priorities, support for Egypt's economy, and the Bank's ongoing and future investments. I also met with several private sector partners. Our relationship with the government and private investors in Egypt is strong, and we are committed to further deepening it.
AO: What is the scale of EBRD's financing in Egypt, and what qualifies the country as one of your main operational partners?
ORB: Egypt is one of the EBRD's largest countries of operations in the Southern and Eastern Mediterranean. Since 2012, we have provided €13.8 billion in financing across 194 development projects. In 2024 alone, our investments reached €1.5 billion, with 98 percent directed to the private sector. This strong financial partnership enhances Egypt's ability to attract domestic and international investment.
Our focus includes the energy sector, where the EBRD has mobilised $3.9 billion through the "Novi" programme. We also offer advisory services for water desalination projects in cooperation with the International Finance Corporation.
AO: How do you assess Egypt's recent financial and monetary reforms? Are there further steps to consider based on your global experience?
ORB: Over the past 18 months, Egypt has taken significant steps, especially in exchange rate liberalisation—an essential move to boost investor confidence. Other reforms aim to improve the business climate and stimulate private sector activity. Measures include tax and customs reforms, legislative updates, and fiscal adjustments—many implemented in coordination with the IMF. These reforms lay a solid foundation for sustained growth.
AO: What innovative financing solutions can EBRD offer to help Egypt bridge funding gaps and diversify its financial instruments?
ORB: Empowering the private sector is crucial for solving economic challenges and driving growth. To this end, we have agreed with the Egyptian government on a €10 million facility to fund feasibility studies and advisory services for public-private partnership (PPP) projects. This initiative will support infrastructure, energy, utilities, and public services contracts, boosting PPP activity and enhancing Egypt's economic competitiveness.