EBRD looking to boost its private equity portfolio in Egypt
EBRD committed to investing over EUR 1 bn in Egypt this year, looking to boost private equity portfolio: The European Bank for Reconstruction and Development (EBRD) is committed to investing north of EUR 1 bn in Egypt in 2019, including buying into companies in the state privatization program, Managing Director for the Southern and Eastern Mediterranean Janet Heckman tells Reuters. EBRD economist Rafik Selim said the bank is allocating EUR 1.5 bn in funding for Egypt this year, according to the local press. According to Heckman, the bank has its eye on the Alexandria Container and Cargo Handling Company (ACCH) secondary offering as part of its plans to expand its private equity portfolio in Egypt.
“We continue to be quite bullish and optimistic about Egypt … it’s a big country, almost 100 mn people and at the same time it’s greatly positioned in terms of export opportunities, which I think have been highly underdeveloped,” Heckman told the newswire. The bank has primarily been investing in Egypt’s transport sector, but has also made significant investments in local private sector companies looking to expand their operations, Heckman told us in December. EBRD President Sir Suma Chakrabarti had also said in December that the bank is planning to commit up to EUR 2.5 bn-worth of projects in Egypt over the next two years.