EBRD to fund water desalination plant in Ain Sokhna

CAIRO – 30 November 2017: The European Bank for Reconstruction and Development (EBRD) will help in establishing a water desalination plant in the Red Sea resort of Ain Sokhna and fund the related feasibility studies, Chairman of the Suez Canal Authority (SCA) Mohab Mamish said Thursday.

This came during Mamish’s meeting with Phillip Barresi, Director of the EBRD, on the sidelines of the International Maritime Organization’s (IMO) annual meeting in London, to discuss cooperation opportunities in the Suez Canal Economic Zone.

Mamish added that he discussed with bank’s officials the provision of logistical support to infrastructure projects in the zone. Economic developments were also reviewed, including the new investment law, through which the Suez Canal Economic Zone offers investment incentives.

Mamish said that the EBRD is keen on cooperating in the economic zone, putting it as part of its strategic plan for Egypt.

Meanwhile, the SCA Head has met with British companies and businessmen, who expressed their interest in establishing projects in the Suez Canal Economic Zone, especially in the field of ports management.

The EBRD is involved in 52 projects in Egypt and it has so far invested some €2,733 million in the country.

The work of the EBRD in Egypt focuses on modernizing the financial sector, developing the agribusiness sector and municipal and infrastructure projects, while upgrading transport and telecommunications services, according to the bank’s website.