EBRD plans to invest $1.5 bln in Egypt in next year: official

The European Bank for Reconstruction and Development (EBRD) intends to invest around $1.5 billion to finance projects in Egypt next year, its country deputy head said Thursday.

The money will include around $900 million for the Egyptian private sector, Catarina Bjorlin Hansen said, on the sidelines of signing a $150 million loan to the agribusiness trader Olam International Limited.

To date, the EBRD has invested over €10.3 billion in more than 600 agribusiness projects. All of its investments are in the private sector.

The European Bank for Reconstruction and Development (EBRD) intends to invest around $1.5 billion to finance projects in Egypt next year, its country deputy head said Thursday.

The money will include around $900 million for the Egyptian private sector, Catarina Bjorlin Hansen said, on the sidelines of signing a $150 million loan to the agribusiness trader Olam International Limited.

To date, the EBRD has invested over €10.3 billion in more than 600 agribusiness projects. All of its investments are in the private sector.

The bank signed in Cairo on Thursday a $150 million loan to support Olam’s investments in Egypt, Georgia, Poland, Turkey, and Ukraine.

Olam is already active in these countries and the EBRD loan will finance purchases of agricultural commodities such as hazelnuts in Georgia and Turkey, dry dairy products and grain in Ukraine, onions in Egypt and dry dairy products in Poland. Local subsidiaries of the company will take on the processing, storage and distribution of these goods.

US$ 30 million of the total investment will support Olam’s activities in Egypt, to increase the volume of dried onions exported, while also transferring expertise to its suppliers from the firm’s operations in California.

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