EBRD to increase financial support for Egypt’s energy sector

CAIRO – 22 April, 2017: The European Bank for Reconstruction and Development (EBRD) plans to raise its portfolio in Egypt’s energy sector, Minister of Investment and International Cooperation, Sahar Nasr, announced Saturday in a statement.

This came following Nasr’s meeting with EBRD’s First Vice President, Philip Bennett, on the sidelines of the Spring Meetings of the World Bank Group and the International Monetary Fund, taking place from 21-23 April, in Washington D.C.

The EBRD has allocated 18 percent of its Egypt’s portfolio for supporting the energy sector, reaching $369 million, according to the latest report issued by the bank in December 2016.

The bank has invested €2.3 billion ($246 million) in 42 projects in the public and private sectors since it started operations in Egypt in 2012. The investments were in the fields of energy, financial institutions, industry, commerce, agri-business, and infrastructure, according to the official website of the EBRD.

During the meeting, Nasr praised EBRD’s strategy for Egypt for the next four years, which will focus on supporting the competitiveness of the private sector, improving the quality and sustainability of public utilities and strengthening governance.

Bennett said his bank intends to increase its support for Egypt’s energy sector and infrastructure, saying that the EBRD will support the country’s efforts in diversifying its energy sources.

The EBRD agreed to grant Egypt the status of “country of operations” in a meeting in October 2015, which meant that Egypt was allowed to use the bank’s ordinary capital resources for operations.