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Tuesday, 11 December 2018

EBRD to invest EUR 2.5 bn in Egypt over two years

INVESTMENT WATCH- EBRD to invest EUR 2.5 bn in Egypt over two years: The European Bank for Reconstruction and Development (EBRD) is planning to commit up to EUR 2.5 bn-worth of projects in Egypt over the next two years, EBRD President Sir Suma Chakrabarti said on Sunday, according to Masrawy. The institution, which has lent Egypt north of EUR 4.5 bn since first adding Egypt to its footprint, is looking at projects in the new administrative capital and the Suez Canal Economic Zone, Chakrabarti said. He also noted that the bank is eyeing Banque du Caire’s IPO as part of the state privatization program, but has appetite for the banking sector as a whole and is not specifically intent on buying into BdC. The EBRD plans to invest some EUR 1.2 bn in Egypt next year, Managing Director for the Southern and Eastern Mediterranean Janet Heckman had told us last week.

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