Federation of Egyptian Banks denies funding GERD bonds

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Tue, 30 Jun 2020 - 05:52 GMT

Federation of Egyptian Banks logo

Federation of Egyptian Banks logo

CAIRO – 30 June 2020: The Federation of Egyptian Banks denied on Tuesday reports alleging that Egyptian banks partake in funding the Grand Ethiopian Renaissance Dam (GERD).

“That an Egyptian Bank or a Bank that works in the Egyptian local market fund bonds to build GERD is ludicrous and preposterous. These rumors have been spread more than once and the Central Bank of Egypt denies it,” said Mohamed al-Etreby, head of the Federation.

The rumors taking social media as a platform aim at creating “unrest,” Etreby said in a statement.

He urged people to disseminate information from official sources, making sure it is correct.

The GERD issue has caused controversy worldwide after Egypt and Sudan sent letters to the United Nations Security Council on Ethiopia's threat to unilaterally fill the colossal dam, providing no guarantees to downstream countries on their safety and water share.

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