EBRD to invest $1.3 billion in Egypt over next year – official

The European Bank for Reconstruction and Development plans to invest around $1.3 billion in Egypt next year, EBRD managing director for the Southern and Eastern Mediterranean Janet Heckman said on Wednesday.

The bank seeks to invest in diverse sectors in Egypt including infrastructure as well as small and micro-sized projects for 2019, Heckman said at a meeting with the Egyptian door-knock mission members in London.

Egypt is the second largest country receiving EBRD’s investments in SMEs and infrastructure sectors, she added, inviting British investors to join and engage in the country’s major projects.

Since it started operations in the Southern and Eastern Mediterranean (SEMED) region in 2012, EBRD invested almost €8 billion, including around €4 billion in Egypt, Heckman said.

EBRD is cooperating with around 13 Egyptian banks to provide finances for SMEs and infrastructure projects in the North African country, Heckman stated.

The bank is keen to support the positive transition phase Egyptian economy is undergoing, she said.

Egyptian door-knock mission started its visit to the UK on Tuesday to meet with British investors and leaderships seeking to boost economic cooperation between the two countries. The meeting in London was organised by the Egyptian British Business Council and the British Egyptian Business Association (BEBA).