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Thursday, 22 April 2021

EBRD has lots in the pipeline for Egypt

Fresh investment and cooperation in Egypt’s development projects are coming from the European Bank for Reconstruction and Development (EBRD) to continue supporting the government’s Egypt Vision 2030. That was the main takeaway from EBRD President Odile Renaud-Basso’s meeting yesterday with President Abdel Fattah El Sisi.

Renaud Basso told El Sisi EBRD remains interested in renewable energy, climate change, digital transformation, education, SMEs, housing, and rural development, according to an Ittihadiya statement. Startups were also on the agenda for Renaud-Basso during a meeting with International Cooperation Minister Rania Al Mashat, in which they discussed supporting entrepreneurship, with a focus on fintech, according to a statement.

The major themes of the trip? The green economy and private sector, Renaud-Basso said in a tweet. The EBRD president is expected to sign agreements to develop sustainable infrastructure and renewable energy in the country to support the transition to a green economy, the bank previously said in a statement.

In case you needed a reminder, the EBRD ❤ Egypt: The bank has poured EUR 7.2 bn in Egypt since 2012. In 2020 alone, the bank provided development financing worth EUR 784 mn for the private sector, making Egypt the top destination of EBRD investments in the Southern and Eastern Mediterranean. The bank has pledged another EUR 1 bn in financing and investment in Egypt in 2021.

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