EBRD president to visit Egypt tomorrow

Suma Chakrabarti, President of the European Bank for Reconstruction and Development (EBRD), will be visiting Egypt on Tuesday.

This is the first time Chakrabarti visits Egypt after the country has become an EBRD’s country of operations on 30 October 2015, in a step that emphasises the bank’s confidence in the Egyptian economy, Minister of International Cooperation Sahar Nasr stated on Monday.

During the visit, Egyptian officials will discuss EBRD’s allocation of  €500 million to support the country’s energy, the minister added.

Chakrabarti is set to meet with Egyptian President Abdel Fattah al-Sisi, Prime Minister Sherif Ismail, Minister Nasr, along with several officials in the government and the private sector.

Nasr also said the visit comes within the framework of EBRD’s decision to launch  its first strategy for Egypt in conformity with the Egyptians’ needs and priorities, thereby achieve comprehensive and sustainable economic growth, and support SMEs and renewable energy.

Chakrabarti, as stated by the Minister, is expected to discuss projects to be financed by EBRD, given that Egypt is expected to become EBRD’s second largest country of operations in the region by 2017.

The EBRD has invested over €1.7 billion in Egypt, in a number of vital sectors, including transports and solar energy.