EBRD to grant Egypt $1.9M for IFRS programs

CAIRO – 6 August 2017: The European Bank for Reconstruction and Development (EBRD) will grant $1.9 million to Egypt, Minister of Investment Sahar Nasr said Sunday.

Signing the agreement with Managing Director for the Southern and Eastern Mediterranean at the EBRD Janet Heckman, Nasr said the grant will be used to help the Egyptian Electricity Holding Company (EEHC) to apply International Financial Reporting Standards (IFRS).

Active in Egypt since 2012, the EBRD has funded a total of €2.3 billion in 43 projects in the sectors of finance, agribusiness, manufacturing, services and infrastructure projects.

The latest agreement was on May 27, when the EBRD signed with the Ministry of Investment and International Cooperation a €186 million ($207 million) loan to be granted to the Fayoum Water and Wastewater Company for expanding sanitation services.