EBRD targets more support for Egyptian retail sector in 2016

The European Bank for Reconstruction and Development (EBRD) is planning to give more support for the retail projects in Egypt within 2016, said the lender’s director for Egypt, Philip ter Woort on Monday.

During his keynote speech at a Cairo conference on industry and retail sectors, Woort expected that the Egyptian retail sector would witness a growth in Egypt, to contribute 45 percent to Egypt’s GDP in the coming phase, from 35 percent.

Earlier in February, the EBRD’s official referred that his bank had invested invested €1.7 billion (US$2 billion) in Egypt through 32 projects since it started working in the country.

Woort further said the EBRD investments were primarily in industrial, transport, energy, and infrastructure sectors.

EBRD is keen to cooperate with the Egyptian government to implement more projects tailored to boost the country’s economy and create additional job opportunities, Woort told Egyptian Minister of Industry Tarek Qabil during a meeting held in Cairo last February.