EBRD’s Egypt investments totalling €1.6 bln in 34 projects: official

By Yomna Yasser On Jul 27, 2016

Investments of the European Bank for Reconstruction and Development in Egypt are currently totalling €1.6 billion ($1.7 billion) through 34 projects, EBRD director Philip ter Woort said Wednesday.

EBRD ongoing projects in Egypt are distributed as: 36 percent in energy, 23 percent in financial sector, 22 percent in industry and trade, and 20 percent in infrastructure, Woort added.

The banking official further said EBRD intends to pump more investments in Egypt in the coming years in line with a joint declaration of intent signed in March 2015. The sectors featured in the declaration are part of Egypt’s priorities in the upcoming phase.

Woort made his remarks during his meeting with Egyptian Minister of Investment Dalia Khorshed in Cairo on Wednesday.

Ties between Egypt and EBRD go back as far as 1991, Egypt was one of the founding members of the bank. The bank office in Cairo opened in 2014 to facilitate EBRD operations in Egypt.