EBRD still ❤ Egypt
Egypt was the top destination for EBRD investment in SEMED for third consecutive year: Egypt accounted for more than EUR 1 bn of the EUR 2.2 bn of financing the European Bank for Reconstruction and Development (EBRD) provided to the southern and eastern Mediterranean (SEMED) last year, the bank said in a statement (pdf). This is the third year running that Egypt was the top market for investment from the EBRD in the SEMED region. The investments include a combined EUR 784 mn in liquidity lines to banks for on-lending to SMEs, a USD 12 mn loan to Al Dau Al Haram to develop the Hyatt Regency hotel, and a USD 4.2 mn loan to Taqa Arabia’s renewable energy subsidiary, Taqa PV, for its green private-to-private project.
IN OTHER INVESTMENT NEWS- Nine Chinese companies are planning to invest USD 90 mn in Egypt in 2021, Han Bing, economic and trade adviser at the Chinese Embassy in Cairo said, without specifying the companies, reports the local press. Negotiations are currently ongoing between Egyptian and Chinese companies for cooperation in medical supplies, steel, textiles, transportation, new energy, recycling, and water waste treatment.