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European bank to finance projects worth $2.2bn in Egypt

European Investment Bank HQ taken on 2 October 2011 [Ingenhoven Architects/Flickr]
European Investment Bank HQ taken on 2 October 2011 [Ingenhoven Architects/Flickr]

The European Investment Bank (EIB) has approved €1.9 billion ($2.2 billion) of new financing for business investments in Egypt, including transport projects as well as others related to COVID-19.

The Egyptian Ministry of International Cooperation announced yesterday that the loan will finance three transport projects and included €800 million ($914.9 million) that will be provided to the state-owned National Bank of Egypt to finance small- and medium-sized enterprises (SMEs) amid the pandemic.

Minister of International Cooperation, Rania Al-Mashat, said that these steps come after a delegation from the EIB visited Egypt in February to discuss the bilateral strategic partnership that started in 1979.

Last week, the EIB announced the approval of “ 800 million for COVID-19 related business investment in Egypt,” as well as “€1.1 billion of new support that will transform public transport in cities” across the country.

READ: France agrees to work with Egypt to settle Libya crisis

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