The European Bank for Reconstruction and Development (EBRD) is planning to inject around EUR 1 billion in investments and funding into Egypt in 2018, Hassan El Khatib, managing director for equity at EBRD, told Alborsa newspaper.
So far, the EBRD has pumped EUR 1.2 billion this year into the North African nation to finance the development of renewable energy projects as well as fund local commercial banks, he added.
The EBRD has 66 projects in Egypt, El Khatib noted, indicating that the bank operates assets of around EUR 919 million.
The reconstruction and development bank is currently mulling over investing in a number of direct investment funds in the Arab world’s most populous country, in addition to weighing up investment opportunities in Egyptian firms, the top official told the newspaper.
He added that the EBRD will finalise its study of these investments within a year.
The international financial institution had sold 50% of its 20.8% stake in Ibn Sina Pharma, El Khatib said, adding that the lender intends to maintain its remaining 10.8% stake in the Egyptian pharmaceutical distribution company over the next two years.
In November, Egypt’s transport minister signed a $350 million grant provided by EBRD in association with the Export–Import Bank of Korea to upgrade the sector.