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Wednesday, 22 March 2017

EBRD pledges EUR 1 bn this year

Back to foreign funding, the European Bank for Reconstruction and Development (EBRD) is planning to invest EUR 1 bn in Egypt this year, said EBRD’s Managing Director for the SEMED region Janet Heckman. The majority of these investments will be geared towards private sector projects, SMEs, and renewable energy projects. According to Heckman, the bank is currently looking into providing funding for five projects under the second phase of the feed-in tariff in 2H2017, in addition to being in talks with Egyptian banks to offer lines of credit to SMEs, Al Borsa reports. "There’s been more investor interest in Egypt since the currency reforms and some of the other economic reforms that Egypt is undertaking," Heckman tells Reuters.

The EBRD also announced a EUR 140 mn facility to promote green investments in Egypt in cooperation with the French Development Agency, the European Investment Bank, and the EU.

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