EBRD announces commitments to Egypt's development, reforms

CAIRO - 21 November 2019: The European Bank for Reconstruction and Development (EBRD) is committed to supporting the government of Egypt in its development priorities and reform effort," EBRD President Suma Chakrabarti said in a statement Thursday.

Chakrabarti added that the bank’s business in Egypt is growing steadily. "We are promoting sustainability and helping to forge strong links within countries and cross border here and in the other economies where we invest.”

EBRD President Suma Chakrabarti will visit Egypt on Saturday, Nov. 23, to take part inhigh-profile meetings and participate in the Investment for Africa Forum in the country’s New Administrative Capital.

Africa 2019 Forum will be held for two-days, and is set to kick off on Friday, Nov. 22.
During the forum, Chakrabarti will speak about “Boosting shared prosperity and economic growth.”He will also meet President Abdel Fatah al-Sisi and Minister of Investment and International Cooperation, Sahar Nasr.

Commenting on Africa 2019,Chakrabarti said, “We welcome the Investment for Africa Forum's goal, which is the promotion of inclusive and sustainable growth across the African continent.”

The EBRD delegation at the forum will include EBRD Managing Director for the Southern and Eastern Mediterranean Region Janet Heckman, and EBRD Deputy Head for Egypt Khalid Hamza. Several project agreements are planned to be signed during the visit.

Egypt is a founding member of the EBRD. Since the start of its operations in Egypt in 2012, the bank has invested over €5.5 billion in 102 projects in the country. In 2018, Egypt was largest economy where the EBRD invests, in terms of new commitments.