EIB provides EUR 1.9bn to support Egypt’s public transport, SMEs

The European Investment Bank (EIB) approved a EUR 1.1 billion of new support to develop public transport infrastructure in Egypt, the country’s minister of international cooperation Rania Al-Mashat said.

The facility will be used to finance three projects related to the National Authority for Tunnels, Al-Mashat added

In addition, the EIB also agreed on an EUR 800 million facility for the National Bank of Egypt (NBE) to support small- and medium-sized enterprises (SMEs) hit by the coronavirus (COVID-19) pandemic, she added.

The EIB’s total investments in Egypt reached EUR 9.7 billion, while the current cooperation portfolio exceeds EUR 2.3 billion.