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EBRD invests EUR 5.3bn in Egypt

EBRD invests EUR 5.3bn in Egypt
Egypt is seeking to promote cooperation with EBRD

Cairo – Mubasher: The value of the European Bank for Reconstruction and Development’s (EBRD) investments in Egypt has reached EUR 5.3 billion in 99 projects, according to a statement released on Saturday by Egyptian international cooperation ministry.

The Egyptian government is seeking to promote cooperation with EBRD in various fields and increase finance granted to the private sector to expand the bank’s role in development, minister of international cooperation Rania el Mashat stated during a meeting with EBRD’s president Suma Chakrabarti on the sidelines of the Davos Economic Forum.

The bank’s projects in the North African country are focused on the sectors of transport, electricity, renewable energy, housing, and sanitation.

The private sector accounts for 58% of total EBRD’s investments, while the bank’s investments in Egypt accounts for 50% of total investments in Africa.

Egypt topped receivers of EBRD’s annual investments in terms of value for the second year in a row. In 2019, the EBRD invested EUR 1.2 billion in 26 projects in the North African country.