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Monday, 1 February 2021

EBRD sets aside EUR 1 bn for Egypt in 2021

The European Bank for Reconstruction and Development (EBRD) has earmarked a combined EUR 1 bn in financing and investment for Egypt this year, Deputy Regional Director Khaled Hamza told the local press, without disclosing which projects may receive funding through the rest of the year.

What projects are currently in the pipeline? Among the major infrastructure projects still awaiting final sign-off are a USD 250 mn loan to improve the efficiency of an oil refinery owned by the Alexandria Petroleum Company, a EUR 200 mn loan for Cairo Metro upgrades and USD 54 mn in financing for a 200 MW solar plant at Kom Ombo. The bank will direct more EGP-denominated financing to the private sector and is also eyeing investing directly in the pharma and tech sectors, which have grown more attractive post-covid, says Hamza.

Funds are part of the plan: The bank will contribute towards two or three investment funds focused on Egypt and the Middle East this year, Hamza said, without going into further details.

Priority sectors: The EBRD is interested in funding transport, water desalination, and irrigation projects, and has been particularly intrigued by the government’s bid to partner with private sector players on building dry ports, Hamza added.

Egypt was the EBRD’s top destination in the southern and eastern Mediterranean (SEMED) region last year. We accounted for more than EUR 1 bn of EUR 2.2 bn in financing, and were the leading beneficiary for the third consecutive year.

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