Cairo – Mubasher: The Egyptian Ministry of Investment and International Cooperation announced the signing of 13 agreements with a combined value of $3 billion during Investment for African Forum.
The conference witnessed Lekela Power’s announcement to invest $2 billion in Africa, in addition to revealing plans to invest an additional $600 million in the continent in the upcoming 2-3 years, according to a statement on Sunday.
During the conference held in Egypt’s New Administrative Capita, Lekela Power announced that construction has started in the 250-megawatt (MW) West Bakr wind project with $350 billion investments
Moreover, Egypt and the US International Development Finance Corporation (DFC) signed a $430 million agreement with US Noble Energy to pump natural gas through the East Mediterranean Gas Company’s pipeline.
In addition, another agreement, also financed by the DFC, was signed with the Egyptian company Dolphinus Holdings for the manufacturing of petroleum products.
Egypt also signed two memorandums of understanding (MoUs) with Angola and Djibouti to foster economic and investment cooperation with the two countries.
Kuwait Fund for Arab Economic Development (KFAED) signed an $85 million loan agreement with the Egyptian minister of investment and international cooperation Sahar Nasr to finance a road project which is a part of the second phase of Sinai Peninsula development project.
China also signed a $42 million grant with Egypt to finance the establishment of developmental projects in the North African nation.
Additionally, the European Investment Bank (EIB) signed a $50 million facility with Egypt to finance small- and medium-sized enterprises (SMEs) as part of its community development programme.
The European Bank for Reconstruction and Development (EBRD) signed a $201 million agreement to improve electricity networks in Egypt and another deal to offer a $50 million loan to the Suez Oil Processing Company for the launch of a new asphalt production line.
In addition, Sarwa Capital Holding for Financial Investments and Banque Misr announced the conclusion of a securitised bond issue worth EGP 500 million as part of a EGP 4 billion bond issue for Egypt’s New Urban Communities Authority (NUCA) with the EBRD being “a major participant in this bond issuance”.
Furthermore, the International Islamic Trade Finance Corporation (ITFC) signed a $100 million agreement with the African Export-Import Bank (Afreximbank) as part of a $500 million loan.
