European Bank for Reconstruction and Development invests $5B in Egypt



Sun, 20 Oct 2019 - 12:40 GMT


Sun, 20 Oct 2019 - 12:40 GMT

The European Bank for Reconstruction and Development - Photo courtesy of EBRD official website

The European Bank for Reconstruction and Development - Photo courtesy of EBRD official website

CAIRO – 20 October 2019: European Bank for Reconstruction and Development’s (EBRD) investments in Egypt amounted to about $5 billion; in which the private sector share of the total investments represent 58%, according to Head of the Bank Suma Chakrabarti.

In a statement issued by Ministry of Investment Sunday, Chakrabarti added that the bank's investments in Egypt represent more than 50 percent of its investments in Africa, which are currently focused on Egypt, Tunisia and Morocco.

He affirmed that the bank is committed to supporting Egypt in its reform efforts.

This came during a meeting with the Minister of Investment and International Cooperation, Sahar Nasr, on the sidelines of the World Bank's annual meetings held in Washington.

The two sides discussed increasing cooperation between Egypt and the Bank in infrastructure and transport projects under Egypt's presidency of the African Union presidency. Moreover, they also discussed encouraging the private sector to participate in these projects and exploiting the promising investment opportunities in Africa that need infrastructure.

For her part, the Minister expressed Egypt's aspiration to strengthen cooperation and partnership relations with the Bank in areas such as transport, metro and rail development, small and medium enterprises, electricity and increasing support to the private sector.

Chakrabarti stressed the bank's keenness to increase cooperation with Egypt in promoting economic integration in the African continent through increasing the inflows of the bank's investments in it, especially in infrastructure projects.

Nasr pointed out that infrastructure is the main engine of economic growth and attracting new investments in Egypt and Africa, in areas such as transport and energy, which is considered the best investment that provides services to citizens.

She further invited the President of EBRD to participate in the Africa 2019 Forum, which will be held under the auspices of President Abdel Fatah El Sisi on Nov. 22 and 23 in the new administrative capital. A number of heads of state, government and ministers will attend the forum from Africa, businessmen and investors Forum all over the world.



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