Back to the complete issue
Thursday, 14 September 2017

Egypt signs agreements worth EUR 400 mn with EIB

Egypt signs agreements worth EUR 400 mn with EIB: Egypt signed a number of agreements with the European Investment Bank (EIB) yesterday that will see the lender contribute close to EUR 400 mn to wastewater and sanitation projects, according to a statement from the Investment and International Cooperation Ministry. Minister Sahar Nasr signed a EUR 4.7 mn funding agreement with EIB’s Vice President Dario Scannapieco for sanitation projects in Kafr El Sheikh, as well as three other MoUs that will see the bank contribute EUR 209 mn to the Kafr El Sheikh Kitchener drainage project, EUR 172 mn to a water treatment project in Fayoum, and a EUR 400k technical grant to the Alexandria Water Company. Nasr said that in addition to a total EUR 77 mn from EIB, the European Bank for Reconstruction and Development and the European Commission have also each contributed EUR 55 mn and EUR 15 mn, respectively, to water projects in Kafr El Sheikh.

EIB pledges EUR 600 mn to support SMEs in MENA: The agreements were inked during EIB’s MED Conference in Cairo, where Scannapieco announced the bank recently agreed to make EUR 600 mn in funding available for SME support in Egypt, Jordan, Lebanon, Tunisia, and Morocco. According to Nasr, the EIB has committed a total EUR 8.2 bn to Egypt projects and that the bank’s portfolio in the country currently stands at USD 1.7 bn.

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.