Senior representative of the European Bank for Reconstruction and Development (EBRD) to Egypt and Jordan, Tarek El-Sherbini, said the bank will open in Egypt. “We expect the bank’s investments in Egypt to reach €1.25 billion by 2014/2015,” El-Sherbini told Daily News Egypt.
“Yesterday’s meeting was quite fruitful,” El-Sherbini added, commenting on Tuesday’s meeting between EBRD President, Suma Chakrabarti, President Mohamed Morsy and Prime Minister Hisham Qandil.
The meeting highlighted talks of potential strategies for economic reform and boosting European investments in Egypt, Egyptian press reported Wednesday.
Presidential spokesperson, Yasser Ali, stated the EBRD president confirmed the bank’s want to orient investments to Egypt.“The president of EBRD expressed willingness to open a branch of the bank in Egypt for supporting specialists in the different domains,” said Ali.
Morsy briefed EBRD’s Chakrabarti on the government endeavours to establish a democratic system and stability, the Egyptian State Information Service reported yesterday.
El-Sherbini added EBRD’s investments in Egypt would focus on food production, financial services, private equity and infrastructure.
“Two-thirds of our investments and financing goes to the private sector, about one third on average goes to the public sector,” El-Sherbini told Daily News Egypt
The EBRD, which was founded in 1991 for the purpose of developing the private sector and the market economy in the former Soviet bloc, announced on 18 September the launch of its first investments in emerging Arab democracies in Tunisia, Jordan and Morocco. EBRD’s board of directors said that investments in Egypt are expected to be submitted shortly.
EBRD is expected to offer loans to Egypt worth €1.25 billion, according to cabinet spokesman, Ambassador Alaa El-Hadidy.