The European Bank for Reconstruction and Development (EBRD) is planning to inject new investments in Egypt next year, a top official has said.
The EBRD is set to invest around EUR 1.2 billion ($1.36 billion) in the Arab world’s most populous country in 2019, the bank’s managing director for the southern and eastern Mediterranean told Enterprise in an interview.
Janet Heckman further revealed that the EBRD has been investing in Egypt’s transport sector; however, it is also “keen on green investments” which have made up roughly 65% of the bank’s projects in 2018.
“Our other investments are in local private sector companies that are looking to expand their operations, mostly in Africa. We’re seeing a lot of Egyptian companies, such as Elsewedy Electric, eyeing investments in countries like Ethiopia and Kenya — and finding great success there,” Heckman added.
On a separate note, the EBRD top official forecast that an EUR 148 million ($167.83 million) loan for Kafr El Sheikh’s Kitchener Drain depollution project will be signed at the Africa 2018 Forum, which kicks off Saturday, 8 December in Sharm El Sheikh.
During the event, the EBRD will also sign a memorandum of understanding (MoU) with startup accelerator Falak, which will use the funds to offer technical support and a training programme to help develop startups and incubators in Egypt.
“We’re taking a very active role at the [Africa 2018 Forum] and will take advantage of the gathering to sign several small private sector transactions,” Heckman stated
Commenting on Egypt’s ongoing reforms, Heckman highlighted that the EBRD would continue with its operations and expansions in the country “as long as the reform momentum is maintained.”