Minister Mashat to meet new EIB President Calviño in Luxemburg

Minister of International Cooperation Rania Al-Mashat arrived in Luxembourg on Monday for an official visit to the headquarters of the European Investment Bank (EIB), the European Union’s (EU) financing arm and Climate Bank for Europe, to meet its new president, Nadia Calviño.

This visit, which is her first after the appointment of Calviño earlier in 2024, marks a significant step in reinforcing the longstanding cooperation between Egypt and the EIB.

The meeting aims to bolster the role of the Ministry of International Cooperation in fostering collaborative relations with international and regional institutions, as well as multilateral development banks, to support Egypt’s sustainable development agenda.

During her visit, Minister Al-Mashat will hold discussions with Calviño for enhancing areas of cooperation and outlining plans for collaborative initiatives, aligning with the bilateral cooperation strategy between Egypt and the EIB for the period 2021-2027.

The discussions will also address the shared priorities and objectives of Egypt and the EU as well as the potential for impactful collaboration.

Al-Mashat’s last visit to the EIB headquarters was in June 2022, when she held fruitful meetings with the former EIB president during various international and regional forums.

Notably, Egypt holds the distinction of being the largest country of operations for the bank outside the EU, and the EIB stands as the largest international institution financing the private sector in Egypt.

This visit follows Minister Al-Mashat’s participation in the 10th EU-Egypt Association Council in Belgium, where the ministry unveiled a comprehensive report titled “Egypt & Europe: A Shared Development Vision for Progress & Prosperity.”

The report offers an illuminating overview of the successful cooperation between Egypt and the Team Europe initiative from 2020 to 2023, with a dedicated chapter highlighting the pivotal role played by the EIB in shaping collaboration between Egypt and the EU.

Being the ninth EIB president, following President Werner Hoyer, and the first woman to hold this esteemed position, Calviño brings a wealth of experience from her previous roles, including former deputy prime minister of Spain, former minister of economy of Spain, and various positions within the European Commission.