Federation of Egyptian Banks denies funding GERD: eletreby

The Federation of Egyptian Banks denies reports alleging that Egyptian banks shared in funding the Grand Ethiopian Renaissance Dam (GERD), according to its head Mohamed El-Etreby.

“That an Egyptian Bank or a Bank that operates in the local market provide financing to build GERD is ludicrous and preposterous. These rumors have been spread more than once and the Central Bank of Egypt keeps denying it,” he added.

The rumors taking social media by storm aim at creating “unrest,” Etreby said

He urged people to disseminate information from official sources, making sure it is correct.

The GERD issue has caused controversy worldwide after Egypt and Sudan sent letters to the United Nations Security Council on Ethiopia’s threat to unilaterally fill the colossal dam, providing no guarantees to downstream countries on their safety and water share.

“That an Egyptian Bank or a Bank that works in the Egyptian local market fund bonds to build GERD is ludicrous and preposterous. These rumors have been spread more than once and the Central Bank of Egypt denies it,” said Mohamed al-Etreby, head of the Federation.

The rumors taking social media as a platform aim at creating “unrest,” Etreby said in a statement.

He urged people to disseminate information from official sources, making sure it is correct.

The GERD issue has caused controversy worldwide after Egypt and Sudan sent letters to the United Nations Security Council on Ethiopia’s threat to unilaterally fill the colossal dam, providing no guarantees to downstream countries on their safety and water share.