Egypt, EBRD in talks about sanitation project funding

CAIRO – 15 August 2017: Minister of Investment Sahar Nasr discussed with the European Bank for Reconstruction and Development (EBRD) possibility of funding a sanitation project in Kafr el-Sheikh governorate.

The news came during a Tuesday meeting between Nasr, EBRD Vice President, Alain Pilloux and First Vice President Philip Bennett, on the sidelines of EBRD meetings in London.

Nasr disclosed that the Egyptian government will form the Foreign Investment in Egypt Council, to be a connection between the government and leading firms.

Earlier this month, Nasr signed an agreement with Managing Director for the Southern and Eastern Mediterranean at the EBRD Janet Heckman, granting $1.9 million to help the Egyptian Electricity Holding Company (EEHC) to apply International Financial Reporting Standards (IFRS).

Active in Egypt since 2012, the EBRD has funded a total of €2.6 billion ($3 billion) in 43 projects in the sectors of finance, agribusiness, manufacturing, services and infrastructure projects.

The latest agreement was on May 27, when the EBRD signed with the Ministry of Investment and International Cooperation a €186 million ($207 million) loan to be granted to the Fayoum Water and Wastewater Company for expanding sanitation services.