By: Islam Fadl
Cairo – Mubasher: The European Bank for Reconstruction and Development (EBRD) has invested about $6 billion in Egypt since the beginning of its operations in the country in 2012, EBRD’s managing director for the southern and eastern Mediterranean (SEMED) region Janet Heckman said.
These investments were pumped into more than 100 projects in several sectors, including infrastructure, transportation, food industry, and solar and wind power generation Heckman told Mubasher.
During the first half of 2019, EBRD injected about EUR 300 million worth of funding and investments into the Egyptian market, she noted.
In addition, the bank offered funding through several banks, mainly the National Bank of Egypt (NBE), Banque Misr, Banque du Caire, the Commercial International Bank (CIB), and Emirates NBD, she pointed out.
About 25% of EBRD’s funding portfolio in Egypt was directed to the financial sector, while 35% of which was directed to the infrastructure sector.
Moreover, the bank considers contributing to the capital of the financial technology fund previously revealed by the Central Bank of Egypt (CBE) two years ago.
As for small- and medium-sized enterprises (SMEs), the bank has offered funding of $400 million since the beginning of its operations in Egypt, Heckman noted, adding that EBRD currently injects funding to more than 13 banks to be directed to SMEs.
In the current period, EBRD is in negotiations with five banks to provide funding to SMEs, she revealed.
Along its two branches in Cairo and Alexandria, the bank plans to inaugurate a new office in Ismailia in November and a new branch in Assiut in 2020.
