European Investment Bank
The first technical assistance programme will further strengthen credit risk management and adoption of SME financing best practice to enable Banque Misr to increase financing for smaller companies.
Minister of Foreign Affairs Sameh Shokry met Monday with President of the European Investment Bank Werner Hoyer within his visit to Luxembourg.
The agreement came within the framework of the strategic relations between the government and the European Investment Bank, to support Development efforts, within the framework of the state’s vision 2030 and its quest to achieve sustainable development goals.
During the tour, the members of the delegation expressed their happiness with the visit.
Maait also referred to enhancing the participation of the private sector in economic activity; as it is the locomotive of job-rich growth
The minister said he discussed with Palanza means to boost joint cooperation in light of the electricity ministry's keenness on benefitting from its expertise in the fields of energy, gas emission reduction and green hydrogen production as well as power linkage projects especially the one with Cyprus and Greece.
Director of the European Investment Bank Neighboring Countries Flavia Palanza said, the bank is proud to work with Banque Misr and hailed the partnership’s effect on the lives of people in Egypt, it said.
The bilateral strategic partnership between Egypt and the European Investment Bank dates back to 1979 with a portfolio amounting to nearly 10.6 billion euros to finance public and private collaborations and support social and economic development.
“The objective of financing the urban transport sector with €1.1 billion is to enhance the transition from private cars to a more efficient means of transportation” the Minister noted.
Al-Mashat clarified that €1.1 billion is to finance three projects in the transportation sector with the National Authority for Tunnels.
This includes more than €10 billion of COVID-19-related investment to improve public health, strengthen public services and back investment by companies in sectors hit by the pandemic.
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 financing will contribute to improving sanitation services for people in Alexandria, the bank said in a statement obtained by MENA on Monday.
The deal comes as part of Banque Misr’s move to diversify its funding channels to be used in financing SMEs, the bank said in a statement.
Director Operations in Neighboring Countries at EIB said the bank's investments encompass fields of renewable energy, transportation, water, sanitation, and SMEs.
The EIB is to boost human capital investments, in light of President Abdel Fattah El Sisi's initiative to invest in human capital.
President Abdel Fattah El Sisi issued a presidential decree approving an agreement between Egypt and the European Investment Bank (EIB) on developing the first line of Cairo Metro.
The agreement was signed by its Minister Sahar Nasr and the President of the EIB Werner Hoyer.
Home to a population of close to half a billion people, the Mediterranean region is deemed one of the most water-scarce areas in the world.
One of the largest financers catering to the wastewater investment sector in the Mediterranean region speaks about tapping into sanitation decentralized solutions.