EBRD mission to visit Egypt Monday to discuss 4-year strategy

An European Bank for Reconstruction and Development (EBRD) mission will be visiting Egypt to conclude a four-year provisional country strategy during the period from 24-27 October.

According to EBRD director Philip ter Woort, the mission will include EBRD representatives from Japan, Germany, United States, Spain, Mexico, Netherlands, Macedonia, China, UK, Austria, Czech Republic, Slovakia, Croatia, Georgia, Romania, Azerbaijan, Australia, Korea, and New Zealand.

Those representatives are willing to invest in the Egyptian economy in projects that would enhance the role of the private sector and that would achieve long term sustainable development, ter Woort told Egyptian Minister of International Cooperation Sahar Nasr on Saturday.

Minister Nasr stressed the importance of Increasing cooperation with the EBRD, notably in renewable energy sector.

EBRD has allocated €500 million for Egyptian renewable energy sector, ter Woort said.

Around €2 billion was invested over major sectors in Egypt, including renewable energy, industry, transport, agro-industries and utility services, besides other pillars of cooperation such as energy efficiency and women support, which are fields in which EBRD intends to increase its volume of cooperation, he added.

Egypt is the third largest country worldwide in terms of the volume of aid provided by EBRD and is soon expected to be the second largest, according to data released at the Ministry’s official website.