Nasr discusses future investments with European Bank

CAIRO – 13 October 20q17: On the sidelines of the annual meetings of the World Bank Group in Washington, Minister of Investment and International Cooperation Sahar Nasr met with the President of the European Bank for Reconstruction and Development, Sir Suma Chakrabarti.

The European Bank contributed to 49 projects in Egypt with total investments worth €2.6 billion, the statement said, adding that it also contributed to the promotion of a raft of entrepreneurial initiatives, along with a number of development works of agribusiness and infrastructure projects and the communications sector.

During the meeting the two sides talked over the preparations for the holding of a regional investment conference in the southern and eastern Mediterranean region in Egypt in collaboration with the bank next November. The ministry statement said this in return, would boost investment opportunities in the region and would create opportunity for investors to be introduced to the newly-issued investment law.

They also discussed the possibility of the bank’s financing of several future projects, including what is called the “Kitchener drainage project” in Kafr El-Sheikh governorate worth €186 million aiming to raise the standards of living and trimming the environmental damage caused by drainage stations.

One discussion point at the meeting was the establishment of an advisory board for the foreign investment council in Egypt, which will serve as a platform for dialogue between the Egyptian government and major investment companies to overcome any obstacles that would hinder direct foreign investment in Egypt, which is one of the main contributors of job opportunities.

The meeting was attended by Mohamed Umran, chairman of the Financial Supervisory Authority, Egypt's ambassador to Washington Yasser Reda, and Egypt's Executive Director at the World Bank Raji Al-Atribi. Also in attendance was Shehab Marzban, senior advisor to the Minister for Economic Affairs, and Nehal Helmi, advisor to the Minister for Economic Affairs.

Also, the president of the European Bank was invited to participate in the conference called “Investment for Sustainable Development: Africa 2017,” which will be held under the auspices of President Abdel Fatah al-Sisi from December 7- 9.

The statement concluded by conveying the bank’s full support to Egypt's efforts to diversify its energy sources by financing renewable energy projects and investing in energy sectors, including governmental efforts to source power from water.