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European bank to invest €700m in Egypt

The European Bank for Reconstruction and Development (EBRD) is to invest more than €700 million in Egypt, the Egyptian presidency revealed in a statement yesterday.

The announcement was made after Egypt's President Abdel Fatah Al-Sisi received EBRD President Suma Chakrabarti in Cairo.

Al-Sisi said that his country looks forward to strengthening cooperation with the European bank and expects it to contribute to funding more private and public sector projects.

EBRD's investments in Egypt amount to €1.7 billion, distributed across 34 projects, mostly in the areas of electricity, railway, sewage and the underground train system. Egypt is the third largest recipient of the bank's investments.

Chakrabarti said that the EBRD plans to invest more than €700 billion in developmental projects in Egypt.

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