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Sunday, 13 February 2022

We could see a slice of the EU’s new investment plan for Africa + EBRD signs off new Egypt country strategy

EU drafts EUR 20 bn investment plan in Africa — and some of it could head our way: The European Union (EU) is drafting a EUR 20 bn financing package to support African infrastructure projects in a bid to rival China’s reach in the continent, Bloomberg reports. The plan includes “investments in strategic corridors, international submarine cables, new energy interconnections and investments in renewable sources” in Egypt, Senegal, Cote d’Ivoire, Morocco and Kenya, according to a draft seen by Bloomberg. Most of the funds are directed towards the Global Gateway, Europe’s answer to China’s Belt and Road infrastructure initiative. This comes as the bloc looks to strengthen ties with the continent at the European Union-African Union summit happening later this week.

In other funding news from Europe: The EBRD has signed off on its new Egypt country strategy. The European Bank for Reconstruction and Development’s (EBRD) board last week approved its 2022-2027 Egypt country strategy, International Cooperation Minister Rania Al Mashat said in a statement. The five-year strategy is set to see the EBRD provide support for Egypt’s economic growth, our shift toward a green economy, and increased private sector participation. No details have yet been announced on the type and value of EBRD activity in Egypt under the strategy.

EBRD is a top foreign investor in Egypt, having deployed more than EUR 8.7 billion in 145 projects (76% in the private sector) since it started operating here a decade ago.

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