European Bank for Reconstruction and Development (EBRD) approves a 7.5 billion Egyptian pounds supporting fund in favour of Majid Al Futtaim Real Estate to help establishing City Center Almaza in coordination with the Ministry of Housing, Janet Heckman said.
The Managing Director for the Southern and Eastern Mediterranean (SEMED) region at EBRD added that the bank is set to invest 100 million pounds in Alexandria Port which is affiliated to the Ministry of Housing.
On the other hand, Minister of Investment and International Cooperation Sahar Nasr held talks on Saturday with president of the European Bank for Reconstruction and Development (EBRD) Suma Chakrabarti on the sidelines of the World Economic Forum on the Middle East and North Africa, currently held at the Dead Sea in Jordan.
The two discussed increasing EBRD’s investments towards infrastructure in Egypt and Africa, as Egypt has become the biggest country for EBRD operations in the world.
Chakrabarti said that the bank’s total investments in Egypt reached 4.8 billion euros through 91 projects, noting that the EBRD has made its largest investments in the Middle East and North Africa during the last two years in Egypt, at about 2.2 billion euros.
Chakrabarti explained that the Benban solar energy project in Aswan is one of the bank’s most important investments in Egypt, to which it invested 150 million euros. This is in addition to projects in the fields of transport and sewage, such as the Kitchener Drain project worth 148.3 million euros.
