Cairo – Mubasher: The European Bank for Reconstruction and Development’s (EBRD) investments in Egypt totalled EUR 4.8 billion in 91 projects, the bank’s president said.
EBRD’s largest investments in the Middle East and North Africa (MENA) were implemented in Egypt with around EUR 2.2 billion over the past two years, Suma Chakrabarti said in a statement to the Egyptian investment ministry.
This came during a meeting between Chakrabarti and Egyptian investment and international cooperation minister Sahar Nasr on the sidelines of 10th World Economic Forum on the MENA Forum being held in Jordan.
Both parties discussed boosting the EBRD’s infrastructure investments whether in Egypt or Africa, according to the statement.
Chakrabarti pointed out that Benban solar park project in Aswan is one of the London-based bank’s major investments in Egypt with EUR 150 million in financing.
He further noted that EBRD has invested in other projects in the fields of transport and wastewater such as Kitchener drain depollution project with EUR 148.3 million in financing.
For her part, managing director of Southern and Eastern Mediterranean (SEMED) at EBRD Janet Heckman said that the bank’s board has agreed to finance Majid Al Futtaim Properties with EGP 7.5 billion as part of the subscription in City Centre Almaza in collaboration with the Egyptian housing ministry.
The bank will also invest around EGP 100 million in Alexandria Port, an affiliated port to the Egyptian transport ministry, Heckman added.
