The European Bank for Reconstruction and Development
Abd El Hakim explained that the allocated funding for Egyptian banks will be divided as follows: $305 million will be directed towards financing small and medium enterprises as well as green energy projects, while $400 million will be dedicated to financing intra-regional trade.
Over 80 percent of these investments were directed towards the private sector, resulting in the implementation of 174 projects across various development sectors
This collaboration was formalized through the signing of a cooperation protocol between the two entities, in the presence of the Ministry of International Cooperation (MOIC)
EBRD will help Afia diversify and strengthen its local value chain by adding new local suppliers and improving quality and operating standards.
Harmgart stated that the pressure of global food prices has led to more diversification strategies.
The acquisition is to improve the availability and affordability of medicines, using an investment platform with an initial capital commitment of $250 million.
EBRD clarified that this fund is to boost the resilience of the financial sector in Egypt and support equity financing to small and medium-sized businesses.
The contribution of the EBRD comes within the framework of the Ministry of International Cooperation’s endeavor to provide the necessary funds for development projects and diversification of funding sources,
The funds will go towards developing the company’s pipeline of renewable energy and electricity distribution projects as well as electric vehicles charging stations, EBRD posted on its website.
The bank expected GDP to grow at 5.5 percent in fiscal year 2018/19 and by 5.8 percent in fiscal year 2019/20.
This came at the Bank’s new Regional Economic Prospects report that includes the predictions of the economic trends in 37 economies across three continents.
EBRD has already signed beginning this year projects for approximately Eur 85 million.
Heckman affirmed that this step will encourage foreign investors' confidence in the Egyptian economy.
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