EBRD provides $30M to support private sector’s agriculture activities

CAIRO – 21 December 2017: Minister of Investment and International Cooperation Sahar Nasr signed on Thursday a $150 million financing deal with the European Bank for Reconstruction and Development (EBRD) and Olam International Ltd to support private sector’s agriculture activities in Egypt and a number of countries, a statement from the ministry said.

Nasr said that $30 million of the total finance will be directed to support the activities of Olam Egypt. The funds will be used to support farmers and agriculture products, finding new ways to save water resources and achieving food security.

Established in Singapore, Olam International is a leading agri-business company operating in 70 countries. It has been operating in Egypt since 2012 through its subsidiary Olam Egypt.

Catarina Bjorlin Hansen, EBRD's deputy head for Egypt, said that the agreement will work on enhancing the competitiveness of the locally produced food and would help the agriculture sector in Egypt to diversify its crops.

It would also help integrate the agriculture sector in economic growth, Hansen said, adding that the bank has invested more than €10.3 billion in 600 agriculture projects.
EBRD’s portfolio in Egypt stands at €3 billion, of which 70 percent are directed to the private sector. It also funds infrastructure and renewable energy projects, according to Nasr.

In November, the bank announced that it will finance 16 new solar power plants with a capacity of 750 megawatts in Upper Egypt under the bank’s $500 million framework for renewable energy in Egypt.

The power plants are located in Benban complex, which is set to become the largest solar power complex in Africa when it reaches a capacity of 1.8 gigawatts once completed.