The European Bank for Reconstruction and Development (EBRD) is looking to invest in one of Egypt’s leading government banks, a top official has said.
The EBRD is still interested in acquiring a stake in any entity that is part of the Egyptian government’s reform programme, managing director for the southern and eastern Mediterranean Janet Heckman told Enterprise, highlighting that the EBRD was particularly interested in Banque du Caire.
Heckman also noted that the bank was “concerned about the state privatisation programme being put on hold,” adding that the programme was one of the major sources that could bridge the EGP 10 billion budget gap.
“The government has reiterated its commitment to the programme, but there remains a question mark on the timing. The programme is very important for the EBRD; we see it as a means of increasing private ownership and efficiency,” Heckman stated.