European Bank for Reconstruction and Development
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
Harmgart said that discussions are currently underway with The Sovereign Fund of Egypt (TFSE) to discuss the possibility of purchasing a minority stake in the United Bank and the Banque du Caire
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.
EBRD’s Youth in Business Program (YiB) is dedicated to supporting privately owned microenterprises or young entrepreneurs under the age of 35.
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 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
The EBRD is a current shareholder in the company, having invested $60 million in 2020.
The new funding comprises a $ 4.95 million loan from the EBRD and a $ 550,000 concessional loan from the Global Environment Facility (GEF) to finance the construction and operation of a 7 MWp solar photovoltaic (PV) project in El Minya.
The European Bank for Reconstruction and Development's (EBRD) financing in Egypt may exceed 1 billion euros this year in light of Egypt's hosting of the climate change conference (COP27) in November, said Managing Director for the EBRD’s Southern and Eastern Mediterranean (SEMED) region Heike Harmgart.
GlobalCorp for Financial Services is specialized in non-banking financial services in Egypt.
The EBRD clarified in a statement that it is helping Egypt to achieve its renewable energy potential and to transition to a greener economy through this strategy.
The bank stated that growth in Egypt slowed from 3.6 percent to 3.3 percent in the fiscal year ending June 2021.
EBRD’s Vice President of Banking, Alain Pilloux, is visiting Egypt from 17 to 20 October for high-level meetings with government officials to discuss the upcoming country strategy, meet the business community and sign projects.
Regarding Egypt, The EBRD described Benban solar project as one of its flagship projects, describing it as the largest solar park in Africa and one of the largest in the world.
As many as 22 royal mummies were transferred to the museum this month in a glitzy three-mile parade that has captured international attention.
Renaud-Basso also hailed the importance Egypt has attached to green economy and renewable energy, an Egyptian Cabinet statement read on Thursday
Basso tweeted that One of her first actual, as opposed to virtual, visits to an EBRD country as President is to Egypt
In the private sector, €2.5 billion is dedicated to 93 projects making up for 58 percent of the portfolio. In the public sector, €1.9 billion is dedicated to 14 projects making up for 42 percent of the portfolio.
“The upcoming visit reflects the close relations Egypt has with the European Bank for Reconstruction and Development and opens new horizons of cooperation," Egypt's Minister Al-Mashat commented.
They also discussed in a meeting the preparations for the first visit of the EBRD’s President to Egypt, Odile Renaud-Basso.