The European Bank for Reconstruction and Development (EBRD) plans to invest an additional €700 million to support various development projects in Egypt, a statement from the Egyptian presidency revealed.
This announcement was made after a meeting held in Cairo on May 31 between Egypt’s president Abdel Fatah Al-Sissi and EBRD’s president, Suman Chakrabarti.
So far, EBRD has invested a total of €1.7 billion in Egypt in 34 projects, mainly in the power, transport and sewage treatment sectors.
Established in 1990 to facilitate the shift toward a market economy in Central and Eastern European countries, EBRD has decided to broaden its intervention zone to the south and east of the Mediterranean, after 2011’s Arab spring. It started invested in the region in September 2012.