EBRD’s investments in Egypt hit 5.3 bn euros, private sector absorbs 58% – Official

30 / 11 / 2019

• Egypt
• news

Investments of the European Bank for Reconstruction and Development (EBRD) in Egypt hit 5.3 billion euros with the private sector devouring about 58 percent of the total investments, the EBRD’s vice president said.

During a meeting in London with Egyptian Investment Minister Sahar Nasr, Betsy Nelson, EBRD’s Vice President for Risk and Compliance, said Egypt has the lion’s share of the bank’s investments in Africa with over 50 percent pouring into Egypt.

The bank’s investments in Africa are concentrated in Egypt, Tunisia and Morocco, she said.

She said the bank is planning to expand its investments in the private sector in Egypt in view of the economic reforms carried out by the Arab state to improve the investment climate.

She expounded that these reforms had a positive impact on investors and encouraged international institutions to inject more funds into the private sector in view of the facilities being offered.

The EBRD official expected investments in the private sector in Egypt would boost in the coming period, according to a statement issued by the Egyptian Ministry of Investment and International Cooperation on Saturday.

Nelson lauded the successful partnership with Egypt, citing the stories of success of Egypt in the economic domain, especially in infrastructure projects.

She noted that Egypt became an example to be followed in the region, noting that the bank is committed to enhance Egypt’s efforts to achieve more reforms and give momentum to investments.

Meanwhile, Nasr said she is looking forward to furthering cooperation in the fields of developing the transportation sector, especially the underground metro and railways, as well as the small and medium sized enterprises and the energy sector.

The talks also tackled the bank’s support for automotive industry in Egypt as well as regional integration projects in Africa.