Dr. Badr Abdelatty, Minister of Foreign Affairs, International Cooperation and Egyptian Expatriates, received Gelsomina Vigliotti, Vice-President of the European Investment Bank (EIB), on Tuesday, 27 October. Minister Abdelatty stressed the importance Egypt attaches to its existing partnership with the EIB and its deep appreciation for the historic, long-standing cooperation between the two sides, which began in 1979 and has included the implementation of 141 projects for the public and private sectors.

Foreign Ministry spokesman Ambassador Nader Zaki said Minister Abdelatty addressed the economic repercussions of the military escalation in the region, pointing to the importance of strengthening the partnership with the EIB at this stage, given the challenges the region's crises pose to the Egyptian economy. He affirmed the Egyptian government's commitment to continue implementing its economic and structural reform programme, helping to improve the investment climate and strengthen the Egyptian economy's resilience in the face of current regional and international challenges. He also highlighted the great importance of the food security support project financed through the bank's investments, and its contribution to strengthening the ability to cope with global challenges linked to supply-chain disruptions.

Minister Abdelatty also affirmed Egypt's commitment to building on the momentum in its relations with the bank and to expanding the EIB's portfolio of development projects in Egypt, in both scope and number, to the mutual benefit of both sides and in support of the Egyptian people's hopes and aspirations for sustainable development, progress and prosperity. The two sides discussed ongoing cooperation in financing energy, health, transport, water and food security projects, as well as other cooperation programmes that help mobilise concessional financing and support the private sector as a key partner in delivering the development agenda, strengthening its role in driving economic growth, stimulating investment and creating jobs.

For her part, the EIB Vice-President praised the excellent relations between the Egyptian state and the bank, as well as Egypt's importance as a major country in the region. She reviewed the various projects the bank finances in Egypt across several fields, most notably infrastructure and environmental protection, as well as support for small and medium-sized enterprises.