Back to the complete issue
Thursday, 9 February 2017

EBRD approves country strategy for Egypt

The European Bank for Reconstruction and Development (EBRD) has its first country strategy (pdf) for Egypt after the document was approved by the bank’s board on Wednesday. The EBRD’s cooperation strategy will focus on four priorities. The bank plans to spur private sector growth through SME financing with a focus on women and youth projects. The EBRD will also be looking to help improve Egypt’s energy infrastructure through the promotion of gas market reforms and financing the modernization of municipal infrastructure with the participation of the private sector. The bank will also look to financing renewable energy projects and energy efficiency investments, including energy efficiency credit lines for SMEs, in addition to water efficiency through modernising water supply and wastewater management. The EBRD will contribute to improving governance in the public and private sector with the aim of improving competition, promoting investment and policy delivery.

On a related note, the EBRD is extending the Water Holding Company a EUR 113-120 mn finance facility to fund a project to clean and purify Lake Qarun in Fayoum, an official from the bank tells Al Mal. The total cost of the project is estimated at EUR 550 mn, in which the European Investment Bank is also participating, with additional funding coming through an EU grant, he added. The Water Holding Company is also negotiating with international lenders, including the African Development Bank, for a USD 100-150 mn loan to finance infrastructure projects in Upper Egypt, deputy Chairman Ahmed Moawad told Al Mal.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.