Egypt strategic partner for EIB, says bank's VP

CAIRO – 15 September 2017: Vice President of the European Investment Bank (EIB) Dario Scannapieco said Egypt is a great state and a strategic partner for the bank.

In statements to MENA, he added that the EIB has strong relations with Cairo at the governmental level and that of the local financing institutions, noting that the bank has increased its investments in Egypt over the past period to help meet the increasing financing demand in the country.

The EIB is constantly present in Egypt through its operations in addition to the projects it has been funding over the past period, he asserted.

Meanwhile, Scannapieco noted that this year’s conference, held in Egypt is aimed discussing means of improving the business climate, helping the small and medium enterprises, backing the private sector and increasing the competitiveness of companies in the Mediterranean region.

Separately, he pointed to the economic reform agenda implemented by the Egyptian government and the Central Bank of Egypt which led to positive developments in economy, including the reduction of inflation rates, reducing the budget deficit and putting the Egyptian economy on the right track.

In this regard, Scannapieco pointed to the periodic review conducted by the International Monetary Fund. He also mentioned the success of the dollar-denominated bonds worth $3 billion and $4 billion issued this year, representing a major indicator of confidence in the Egyptian economy.

He also noted that Moody's Investors Service praised the Egyptian economic reform program and its positive impact on economy, while keeping its stable outlook for the country's economy.