Cairo – Mubasher: The Egyptian Minister of International Cooperation, Rania El-Mashat, announced that the European Investment Bank (EIB) signed an agreement worth EUR 800 million with the National Bank of Egypt (NBE) to finance small and medium enterprises (SMEs) in order to meet their financing needs and building their resilience amid the COVID-19 pandemic.
The agreement between the two banks comes within a larger agreement approved by the EIB worth EUR 1.9 billion, where EUR 1.1 billion will be provided for the transport sector and EUR 800 million for SMEs, the minister said in a recent statement.
El-Mashat emphasised the importance of the partnership with the EIB in investing in Egypt’s future and pushing forward with the 2030 National Agenda and the achievement of the UN sustainable development goals, particularly the eighth goal for decent work through supporting technological upgrading, access to financial services, innovation, and encouraging the formalisation and growth of micro-, small- and medium-sized enterprises (MSMEs).
Since the start of this year, the Ministry of International Cooperation signed several agreements with the EIB, including an agreement worth EUR 120 million to develop the Alexandria wastewater treatment plant.
Last July, the minister held a virtual meeting with Flavia Palanza, Director of Operations for Neighboring Countries at the EIB, to discuss future cooperation between Egypt and the bank, particularly in regards to financing transport project to provide access to safe, affordable, accessible, and sustainable transport systems for all.
The meeting also discussed cooperation in the agricultural sector, as well as the bank’s willingness to cooperate in the field of health to help Egypt overcome the COVID-19 pandemic and building the resilience of SMEs.
It is worth noting that the bilateral strategic partnership between Egypt and the EIB dates back to 1979, and includes various projects in many sectors to support social and economic development and create job opportunities in the country, with funds amounting to approximately EUR 9.8 billion and the current portfolio amounting to around EUR 2.3 billion.
