The contribution of the EBRD comes within the framework of the Ministry of International Cooperation’s endeavor to provide the necessary funds for development projects and diversification of funding sources,
EBRD supports Egypt’s New Urban Communities Authority in its plans to diversify funding sources by tapping the debt capital market with an investment of LE 1.5 billion.
EBRD will provide a $100 million loan to help NBE provide short-term loans to private small and medium-sized enterprises and firms facing liquidity strains.
EBRD agreed to provide $100 million in financing to the Commercial International Bank, to re-lend it to private sector projects in Egypt.
Funding will be allocated to small and medium-sized companies, to support them in meeting their needs amid the negative economic effects of the coronavirus pandemic.
The financing comes for the completion of the project of improving the performance of the oil and gas sector in Egypt.
Al-Mashat noted that this loan is to address the economic impact of the coronavirus pandemic.
Al-Mashat clarified that these awards came for its outstanding efforts in the” Sustainable Energy” and “Gender and Inclusion” categories among 11 other countries worldwide.
EBRD forecasted in a report Wednesday that Egypt’s growth will rebound to 5.2 percent in 2021.
EBRD clarified that this comes within a program in response to the economic impact of the coronavirus pandemic in Egypt.
The loan that is scheduled for approval on May 6 is under the EBRD’s Resilience Framework ("RF").
The meeting was attended by officials from World Bank (WB), IFC, European Investment Bank (EIB), European Bank for Reconstruction and Development (EBRD) and African Development Bank (AfDB).
International Finance Corporation (IFC) officials in Egypt confirmed their support for the government's vision on consulting with its private sector partners, and supporting private companies during the current crisis.
The delegation, during a meeting with Electricity Minister Mohamed Shaker, hoped to increase the volume of investments in Egypt and contribute to renewable energy projects.
EBRD clarified that the loan will allow Almarai’s subsidiary in Egypt, Beyti, to fund additional dairy and juice production.
EBRD commented that it is supporting the development of high-quality hospitals in Egypt and Morocco.
During a meeting with EBRD Vice President Alain Pilloux, in the presence of International Cooperation Minister Rania el Mashaat, the premier hailed the current cooperation with the bank.
The funds will go towards developing the company’s pipeline of renewable energy and electricity distribution projects as well as electric vehicles charging stations, EBRD posted on its website.
President Abdel Fattah El Sisi issued a decree endorsing a loan agreement signed between the Egyptian government and the European Bank for Reconstruction and Development (EBRD) for the procurement of 100 new locomotives.
EBRD clarified that this loan aims to support the development of a more resilient and robust electricity grid across Egypt.