EBRD’s investments in Egypt hit €1.7 billion: official

The European Bank for Reconstruction and Development (EBRD) has invested €1.7 billion (US$2 billion) in Egypt through 32 projects since it started working in the country in 2012, its director, Philip ter Woort said Tuesday.

Woort further said the EBRD investments were primarily in industrial, transport, energy, and infrastructure sectors.

EBRD is keen to cooperate with the Egyptian government to implement more projects tailored to boost the country’s economy and create additional job opportunities, Woort told Egyptian Minister of Industry Tarek Qabil during a meeting held in Cairo Tuesday.

The bank is planning to carry out new investment projects in Egypt in addition to expanding into existing ones, the EBRD official added.

The Egyptian minister has offered the EU banking official opportunity to cooperate in fields of energy and technologies for a low carbon cement industry in the North African country.

In July 2015, South Pole Group together with Cementis and EcoConServwere announced as the winning consortium for a consultancy project for the European Bank of Reconstruction and Development (EBRD).

The project, titled “Technology and Policy Scoping for a Low-Carbon Egyptian Cement Industry”, aims to develop a low-carbon roadmap for the cement industry in Egypt. It will provide guidance for industry players and relevant decision makers in Egypt on reducing sectoral GHG emissions while improving the sector’s energy efficiency and energy security.