EBRD names Egyptian int’l minister as deputy chairman of board of governors

The European Bank for Reconstruction and Development (EBRD) has chosen Egyptian international cooperation minister Sahar Nasr as Deputy Chairperson of EBRD’s Board of Governors during 2016-2017.

In a formal letter, EBRD’s President Suma Chakrabarti expressed his appreciation of Nasr for Egypt’s support of the bank.

The Minister’s new position comes in line with the EBRD’s first strategy for its operations in Egypt after the latter became an EBRD’s country of operations.

Egypt is expected to become the second largest country of EBRD’s operations in the region by 2017, given that the bank will invest more than €700 million ($776 million) in the country during the upcoming period in various development areas.

Minister Nasr said the new position reflects Egypt’s significant status among international financial institutions.

Egypt will negotiate with EBRD over its contribution to financing several development projects, she added.

EBRD is considered a key partner in Egypt’s development process since 1992; relations between the bank and Egypt further enhanced after the latter had become EBRD’s country of operations on October 30, 2015.

EBRD’s investment volume reached up to €1.7 billion in addition to several ongoing projects being implemented in collaboration with the bank, including the purchasing of 13 metro trains to support the second line of Cairo metro worth €100 million and approved by the parliament. There are also West Damietta power plant worth $190 million, Egypt’s railways renovation project worth €126 million, and Kafr El-Sheikh wastewater project worth €55 million.