The European Investment Bank (EIB) officially opened its new regional hub in Cairo, Egypt, on Monday, to enhance its engagement and cooperation with public and private partners across the Middle East and North Africa.
The EIB Global regional hub was announced by Egypt Prime Minister Mostafa Madbouly, Egyptian Minister of International Cooperation Rania Al-Mashat, and EIB Vice President Gelsomina Vigliotti, at a ceremony attended by 150 Egyptian, regional, and international political, business, and banking leaders.
“Over more than 40 years, the EIB has been Egypt’s leading international financial partner, providing financial and technical support for climate action, business, energy, water, and transport investment that has improved opportunities and services across Egypt. The new Cairo presence will deepen our partnership with the EIB and unlock new opportunities in the years to come,” said Rania Al Mashat, Minister of International Cooperation of the Arab Republic of Egypt.
“Strengthening the local presence of EIB Global is crucial to better address investment challenges and increase the impact of our engagement with public and private investment partners. The new Regional Hub will further enhance EIB cooperation with Egypt and countries from Lebanon to Morocco,” said Gelsomina Vigliotti.
“The European Union welcomes the decision to strengthen the engagement of the EIB, the EU Bank, through the new regional hub. The EIB has unique financial, technical, environmental, and social expertise and will support new investment in Egypt and further afield that improves lives and enhances economic opportunities.”
Since 1979, the EIB has provided more than €15bn for transformational public and private investment across Egypt. In recent years, the EIB has backed business, water, renewable energy, and sustainable transport projects across Egypt. The new regional hub builds on the permanent presence of the EIB in Cairo since 2002. The EIB Regional Hub is located alongside the European Union Delegation in Cairo.
Guido Clary has been appointed as the Head of the EIB Regional Hub, leading a team of financial and technical experts in Cairo and working with colleagues in six offices across the region, as well as the EIB’s Luxembourg headquarters.