EBRD
Abd El Hakim explained that the allocated funding for Egyptian banks will be divided as follows: $305 million will be directed towards financing small and medium enterprises as well as green energy projects, while $400 million will be dedicated to financing intra-regional trade.
On the sidelines of day two of the Egypt-EU investment conference, PM Madbouly underscored Egypt's commitment to economic reform and its impact on fostering a conducive investment climate, citing achievements such as stabilizing the foreign exchange rate and supporting the private sector
EBRD anticipates the economy to recover in 2025, expecting an uptick to 4.4 percent while forecasting a climb to 4 percent for the coming fiscal year
Over 80 percent of these investments were directed towards the private sector, resulting in the implementation of 174 projects across various development sectors
This collaboration was formalized through the signing of a cooperation protocol between the two entities, in the presence of the Ministry of International Cooperation (MOIC)
The EBRD forecasted Egypt’s GDP to rise by 4.8 percent during FY2023/2024, driven by recent reforms to boost private sector growth and easing of external and fiscal vulnerabilities
The agreement was signed by Walid Gamal El Din, Chairman of the General Authority for the Suez Canal Economic Zone, and Khaled Hamza, Director of the European Bank for Reconstruction and Development office in Egypt.
Emphasizing the strong relations between the EBRD and Egypt, Madbouly called on the bank to expand the scope of cooperation on renewable energy projects between the two
The EBRD has set the approval date for the loan as 13 December 2023
Estimates indicate that natural gas production declined by 9.3 percent year-on-year in the first half of 2023, reaching its lowest level in three years.
The Egyptian government plays an important role in the production of green hydrogen in cooperation with the private sector.
Maya Hennerkes, the Director for Green Financial Systems at the Climate Strategy and Delivery Department of the European Bank for Reconstruction and Development (EBRD), said that Egypt is on the right track towards a green and sustainable energy transition.
The EBRD elaborated that the provided loan will contribute to the expansion of Banque Misr's activities beyond the Greater Cairo region and help increase the availability of medium-term funding for underserved Egyptian MSMEs.
The package is divided to $400 million for the National Bank, $100 million for Banque Misr, and €30 million euros for Mediterrania Capital fund, which accounts for more than $32 million.
Harmgart stated that the pressure of global food prices has led to more diversification strategies.
Harmgart expressed her eternal optimism with in particular, labor costs slow in and with declining exchange rate in big markets like Egypt.
The report noted that increased gas exports, Egypt's role as an energy hub in the eastern Mediterranean, and the implementation of business-environment reforms supported by the International Monetary Fund (IMF) were main factors to the positive outlook
Egypt’s Samcrete was awarded two contracts valued at €36.6 million to build new sewage networks and pump stations in Fayoum and Al Kharafi will design and build a new wastewater treatment plant with a 35k cbm/d capacity in a €23.9 million contract.
Minister of Planning and Economic Development and Chairwoman of The Sovereign Fund of Egypt (TSFE) Hala El-Said attended Wednesday the signing ceremony.
The EBRD is a current shareholder in the company, having invested $60 million in 2020.
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