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Egypt leads EBRD’s annual investments in 2019

Egypt leads EBRD’s annual investments in 2019
EBRD offered EUR 183m to Egypt's Electricity Transmission Company

Mubasher: With EUR 1.2 billion new commitments in 26 projects, Egypt has led the European Bank for Reconstruction and Development’s (EBRD) annual investments list in 2019, for the second year in a row, compared to EUR 1.1 billion in 2018.

This value is part of EBRD’s EUR 1.8 billion investments in 53 projects in the southern and eastern Mediterranean (SEMED) region in 2019 from EUR 2 billion investments in 50 projects in 2018, the EBRD’s official website announced on Thursday.

The EBRD dedicated 72% of the total number of the projects in SEMED region for the private sector, and 40% for the green economy.

EBRD managing director for the SEMED region, Heike Harmgart, said: “We are very proud to contribute to the development of the economy in this vibrant region creating more job opportunities for its population, better services and a cleaner environment.”

To boost Egypt’s dependence on renewable energy, the bank has offered EUR 183 million to the Egyptian Electricity Transmission Company to set up new renewable energy plants which will help in integrating 1.3 GW of new renewable energy into the Egyptian electricity system.

In addition, $150 million financing package has been offered to the National Bank of Egypt (NBE) to support small companies to establish sustainable energy and climate projects as well as to develop programmes that can improve the skills of youth and address unemployment.

Furthermore, the bank also cooperated with City Centre Almaza to provide training and employment to people with disabilities in the private sector as part of its eleven projects in the SEMED region. This came as part of the aim to improve an inclusive economy by creating economic opportunities to young people and women.

As for the other countries, the bank invested EUR 87 million in nine projects in Jordan which included the remediation of a contaminated lagoon east of Russaifa, in addition to investing EUR 164 million in three projects in Lebanon, and EUR 204 million in 14 projects in Morocco.

The EBRD also launched eleven projects at a cost of EUR 177 million in Tunisia, which included a EUR 45 million loan to Société des Transports de Tunis (Transtu), alongside with its financing of the first Palestinian employment-development impact bond.

The bank has funded 452 individual projects in 2019, compared with 395 in 2018, with a value exceeding EUR 10 billion for the first time to total EUR 10.1 billion from EUR 9.5 billion.