ICEC

Egypt inks €300 mln funding agreements, €400,000 grants at Africa 2017 Forum

Egypt’s government has signed Friday agreements of €300 million and grants of €400 million to finance development and investment projects during Africa 2017 Forum “Business for Africa, Egypt and the World” conference.

Egypt’s Housing Minister Moustafa Madbouly, who is named as acting prime minister, Investment Minister Sahar Nasr, Central Bank Governor Tarek Amer, and Electricity Minister Mohamed Shaker witnessed the signing ceremony of funding agreements.

The conference takes place from 7-9 December 2017 in the Red Sea resort of Sharm El-Sheikh, under the auspices of President Abdel Fatah al-Sisi.

During Africa 2017 Forum, the European Investment Bank (EIB) signed a €250 million funding deal with Egypt’s second biggest bank, state-owned Banque Misr to finance small and medium-sized projects (SMEs).

Banque Misr has also signed a €50 million agreement with Arab African International Bank (AAIB) in order to support exports and investments by Egyptian businesses to other African countries.

Meanwhile, National Investment Bank (NIB) signed a €400,000 grant from European Investment Bank to provide funding feasibility studies of seawater desalination plant in the west of Alexandria.

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