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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.

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