EBRD invests €5.3B in Egypt through 99 projects

CAIRO - 7 November 2019: Investments of the European Bank for Reconstruction and Development (EBRD) in Egypt recorded €5.3 billion through 99 projects, according to First Vice President and Head of Client Services Group at EBRD Jürgen Rigterink.

Rigterink clarified Thursday in a meeting with Egyptian Investment Minister Sahar Nasrthat private sector allocates around 58 percent of total investments.

He added that EBRD's investments in Egypt exceed 50 percent of the bank's investments in Africa,which currently focus on Egypt, Tunisia, Morocco, affirming EBRD's keenness on increasing investments in the continent.

Rigterink also referred to the bank's interest to recognize investment opportunities in the continent, especially in infrastructure projects through its participation in Africa 2019, which will be held on Nov. 22-23 in the New Administrative Capital under the patronage of President Abdel Fatah al-Sisi.

Moreover, Rigterinkpraised the successful cooperation between the bank and Egypt, where Egypt ranked first in the world in terms of the bank's operations, in light of Egypt's economic success especially in infrastructure projects.He also emphasized EBRD's commitment to support Egypt in its reform program.

On Nov. 6, EBRD provided the Arab African International Bank with a $15-million loan in light of its support to improvements in the energy efficiency of the Egyptian private sector businesses.

Earlier in Oct., Head of the bank Suma Chakrabarti said that EBRD investments in Egypt amounted to about $5 billion, where the private sector's share of the total investments represents 58 percent.