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Thursday, 14 December 2017

EBRD to invest EUR 1 bn in Egypt in 2018

INVESTMENT WATCH- The European Bank for Reconstruction and Development (EBRD) could invest as much as EUR 1 bn in Egypt next year, the bank’s Managing Director for Equity Hassan El Khatib said, according to Al Borsa. The EBRD invested EUR 1.2 bn this year in development and solar energy projects as well as financing to domestic banks. EBRD currently provides funds some 66 projects and has assets under management of around EUR 919 mn, said El Khatib. The bank will be looking to invest in a number of private equity funds next year, and is currently studying possible investment targets.

El Khatib noted that the EBRD has sold down half of its 20.8% stake in Ibnsina Pharma, which made its debut on the EGX this past Tuesday. He says the bank plans to retain its current 10.4% stake in the company for another two years. As we noted yesterday, Ibnsina’s shares jumped 16% in their first day of trading.

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