Egypt's Parliament approves EBRD's expansion plans into Sub-Saharan Africa, Iraq
Updated 3/25/2025 7:19:00 AM
Arab Finance: The House of Representatives agreed upon presidential decision No. 70 of 2025, which approved decisions No. 259 and 260 of the European Bank for Reconstruction and Development's (EBRD) Board of Governors on expanding the bank's operations in sub-Saharan Africa and Iraq, according to an official statement.
During its plenary session held on March 24th, the parliament greenlighted EBRD’s decisions, which also remove legal restrictions on capital for regular operations.
Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, noted that the lender’s operations expansion reinforces South-South and triangular cooperation between Egypt and these countries.
Al-Mashat, Egypt's Governor at the EBRD, highlighted that Egypt is the EBRD's largest country of operations in the South and East Mediterranean region.
Since 2012, the bank has supported 194 projects in Egypt with total investments of €13.8 billion, 86% of which are directed to the private sector, equivalent to €11.8 billion.
Furthermore, the minister stated that the country's strategic partnership with the EBRD is currently being implemented for the period 2022-2027.
This aligns with the state's efforts to achieve comprehensive and sustainable economic growth, accelerate the green transition, increase economic competitiveness, and enhance the business environment for the private sector.
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