The European Bank for Reconstruction and Development (EBRD) has plans to provide €800 million to finance projects in Egypt in 2015-2016 fiscal year, said the bank’s president Suma Chakrabarti on Thursday.
During a meeting with Egyptian President Abdel Fattah al-Sisi in London, Chakrabarti said Egypt is expected to be the fourth in the list of countries receiving funds from the bank, Presidential Spokesman Alaa Yousef said.
Since it launched activities in Egypt, the EBRD increased its investments to hit €1.1 billion in cooperation with the government.
President Sisi lauded a vote made by the EBRD’s Board of Governors on October 30 to make Egypt a formal receiver of finance and other support offered by the global financier.
The governors’ decision is a sign of new phase of cooperation to increase investments, Chakrabarti said adding that Egypt’s market is promising and is significantly strategic for the bank.
Source: Egypt State Information Service & MENA
