Egypt, European Investment Bank discuss future cooperation in different economic sectors

The European Investment Bank (EIB) is currently on an official visit to Egypt, where the bank’s delegation will meet with a number of ministers and officials of the Egyptian government to discuss future cooperation in different economic sectors.

Minister of Transportation Kamel Al-Wazir met with the delegation headed by Flavia Palanza — the Director of EU Neighbourhood Countries in the EIB — on Monday to follow up on the current situation of joint projects being implemented and future cooperation in all various sectors of transportation.

The minister praised the positive cooperation between the two sides in implementing a number of projects, such as the bank’s contribution to financing the development of the third phase project of Cairo’s Metro Line 3 and the development of the first and second lines of the metro, as well as to contributing to financing the rehabilitation project of the Raml tram in Alexandria and Abu Qir to an electric metro.

This is in addition to cooperation in financing projects to develop signalling systems on the Tanta/Mansoura/Damietta line and the double distance from Mansoura to Damietta.

Additionally, Al-Wazir stressed the great interest of his ministry in expanding the implementation of environmentally friendly electric transportation projects, such as a high-speed electric train network with a total length of 2,000 km, the LRT light electric train, monorail projects, and BRT buses that will run on the ring road.

Furthermore, the minister noted that these projects contribute to facilitating the movement of citizens and linking with neighbouring countries and achieving development in the region.

For her part, Palanza praised the EIB’s cooperation with the ministry in developing a number of projects, especially that supporting the transportation sector is one of the bank’s priorities. There is also a special interest in environmentally friendly transportation projects and digital transformation in the sector, in addition to interest in cooperating in the field of river transportation and the Abu Qir/Port Said electric train.

Moreover, the EIB is interested in coordinating with the government in establishing mobile units in railways and a dry port in Damietta.

The bank’s delegation also confirmed the participation of a high-level delegation of the EIB in the United Nations Conference of Parties on Climate Change (COP 27), which will be held in Sharm El-Sheikh this November.

Furthermore, Al-Wazir revealed that all means of transportation during and after the COP 27 will be environmentally friendly.

At the end of the meeting, it was agreed to hold intensive meetings during the coming period between specialists from both sides to determine areas of future cooperation in accordance with the priorities of the Ministry of Transportation.

Later on, Minister of Electricity and Renewable Energy Mohamed Shaker also met with Palanza and her accompanying delegation to discuss ways to support and enhance cooperation between the electricity sector and the EIB.

Shaker praised the distinguished relations between the Egyptian electricity sector and the EIB, as the bank’s participation in financing the sector’s projects affirms its confidence in the electricity ministry’s success in managing the bank’s projects.

The minister also noted that the Egyptian electricity and renewable energy sector has succeeded in completing many projects and programmes in cooperation with the EIB.

He stressed that this meeting reflects the ministry’s keenness to enhance ways of cooperation with various institutions and organisations during the coming period and to benefit from advanced experiences in the field of renewable energies to reduce carbon emissions and increase the share of private sector participation in such projects.

The minister also emphasised his eagerness to cooperate in green hydrogen production, interconnection projects, and the establishment of training programmes to qualify Egyptian cadres.

“Egypt is looking forward to completing the green energy corridor project for the benefit of all African countries, and after the completion of this project, Egypt will be a pivotal centre for electrical interconnection between European, Arab, and African countries,” he said.