ERBD pledges $150 mln to support private sector in Egypt

The European Bank for Reconstruction and Development (EBRD) signed  Thursday a $150 million financing deal with Olam International Ltd to support the private sector’s agriculture activities in Egypt and a number of countries.

The signing ceremony was attended by the Minister of Investment and International Cooperation Sahar Nasr , Catarina Bjorlin Hansen,  EBRD’s deputy head  and Bhuwan Saurav Olam Egypt Managing Director.

Bank for Reconstruction and Development (EBRD) will inject  $1.5 billion to fund projects in Egypt during 2018, of which $ 900 million directed to the private sector, Catarina Bjorlin Hansen, EBRD’s deputy head said.

Nasr said that $30 million of the total finance will be directed to support the activities of Olam Egypt. The funds will be used to support farmers and agriculture products, finding new ways to save water resources and achieving food security.

Established in Singapore, Olam International is a leading agri-business company operating in 70 countries. It has been operating in Egypt since 2012 through its subsidiary Olam Egypt.

Catarina Bjorlin Hansen, EBRD’s deputy head for Egypt, said that the agreement will work on enhancing the competitiveness of the locally produced food and would help the agriculture sector in Egypt to diversify its crops.

It would also help integrate the agriculture sector in economic growth, Hansen said, adding that the bank has invested more than €10.3 billion in 600 agriculture projects.