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Tuesday, 19 September 2017

EIB to fund more projects in Egypt under Economic Resilience Initiative

The European Investment Bank (EIB) is looking forward to funding more projects in Egypt under its Economic Resilience Initiative, which aims to raise EUR 4.5 bn in additional financing for southern Mediterranean countries, bank Vice President Dario Scannapieco tells Daily News Egypt in an interview. Scannapieco also discussed the EUR 400 mn in MoUs he signed last week for wastewater and sanitation projects in Egypt, as well as energy projects that he said EIB has provided EUR 920 mn in funding for since 2011, and SME support. We noted on Sunday that the EIB is also willing to provide EUR 255 mn to help fund the Cairo Metro’s Lines 1 and 2.

This comes as the European Bank for Reconstruction and Development (EBRD) will offer technical assistance to boost Egypt’s furniture exports, EBRD National Program Manager for Small Business Support Reem El Saady said yesterday, Al Masry Al Youm reports. The bank currently funds technical assistance programs for eight industrial sectors, according to El Saady.

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