EBRD to invest 700 million euros in Egypt: Chakrabarti

The European Bank for Reconstruction and Development (EBRD) plans to invest up to €700 million ($781 million) in Egypt, the bank’s president Suma Chakrabarti announced, according to an Egyptian presidency statement on Wednesday.

Chakrabarti started on Tuesday a two-day visit to Cairo where he met with Egyptian President Abdel Fattah al-Sisi, Prime Minister Sherif Ismail, and other governmental officials.

This is the first time Chakrabarti visits Egypt after the country has become an EBRD’s country of operations on 30 October 2015.

Chakrabarti’s visit comes in line with the launch of the bank’s strategy for Egypt in 2016 for the first time, which is expected to meet with Egyptian people’s needs and demands, aiming to achieve sustainable and comprehensive economic growth.

EBRD’s total investments in Egypt reached €1.7 billion in 34 projects since the start of its activities in the country at the end of 2012, Chakrabarti added.

Egypt is one of the founding members of EBRD in 1991, which included 64 countries and aimed at rebuilding a new post-Cold War era in Central and Eastern Europe. It has since fostered change in other countries.