Also coming from the Spring Meetings, Investment and International Cooperation Minister Sahar Nasr pushed for further investment and aid from international donors. This drive started at the Ministerial Meeting of the Group of 24, where she noted that “Egypt was in dire need for strong international financial institutions” and development partners to help achieve economic reform and sustainable growth. These goals would not be achieved without the active participation of the private sector, she added, according to a ministry statement.

Nasr emphasized this point at a meeting with leading US corporations at the American Chambers of Commerce in DC, which included representatives from Apache, ExxonMobil, Chevron, Bechtel, Lockheed Martin, Visa, Gilead Sciences, IBM, UPS, and FedEx. Apache said at the meeting that it plans to invest in 8-10 platforms and operating 90-100 wells in Egypt, in addition to its program for a widespread 3D seismic imaging of potential fields. Representatives of IBM told the minister that they plan to use Egypt as a software hub servicing the MENA market, while Gilead announced that it wants to work with the government to release the fourth generation of its hepatitis C treatments, according to a ministry statement. The companies announced that they will send a delegation of US companies to Egypt next week to look into potential new investments. Nasr appears to have met separately with GE Vice Chairman John Rice, who said that the company was interested in expanding its renewable energy projects in Egypt. They also discussed GE providing 200-300 train cars, 35% of which will be manufactured in Egypt, according to a statement from the ministry picked up by AMAY.

Talks on third tranche of World Bank loan: Nasr and Housing Minister Moustafa Madbouly also began talks for the third tranche of the USD 3 bn World Bank loan, Al Shorouk reports. Madbouly also pushed for further funding on water infrastructure projects in a meeting with Vice President of the World Bank for the Middle East and North Africa Hafez Ghanem,.

The European Bank for Reconstruction and Development (EBRD) plans to help Egypt more efficiently manage its water resources, said the EBRD’s first vice president Philip Bennett during his meeting with Nasr. He reiterated the bank’s commitment to funding green energy projects and SMEs. The EBRD and the European Investment Bank are currently in talks with the Water Holding Company to finance EUR 300 mn wastewater project in Lake Qarun, company chief Mamdouh Reslan tells Al Borsa.