Egypt and EBRD sign a Declaration of Intent

The European Bank for Reconstruction and Development (EBRD) signed a joint declaration with the Egyptian Ministry of International Cooperation at the Egypt Economic Development Conference in Sharm el-Sheikh to support priority sectors over the next three years.

The declaration sets out the intent to for the two parties to develop a strategy to support the private sector, industry, trade and services, the financial and banking sector, natural resources, electricity and energy, communications and technology, investment funds, infrastructure, and public private partnership PPP

Signing the declaration for the Egyptian government, Minister of International Cooperation Dr. Naglaa El-Ehwany said:  “This declaration reflects the EBRD’s keenness to support the Egyptian economy during the current period through extending financing to key priority sectors.”

Egypt is a founding member of the bank since its establishment in 1991.  In November 2012 Egypt was granted the status of a potential recipient country meaning it would benefit directly from the bank’s investments and technical support.  To strengthen its bilateral cooperation portfolio with Egypt, the EBRD opened its resident office in Cairo in November last year.

Currently, the bank is examining the possibility of granting Egypt the status of a full member country to give sustainability to the EBRD’s operations in Egypt.  To date the bank has contributed about 742 million Euros in cooperation benefits to Egypt, and it intends to finance new projects ranging from 700 million- 1 billion Euros during the years 2015-2016.