Reuters stated on Monday, that the European Bank for Reconstruction and Development (EBRD) says the summer's political uncertainty caused a slight delay in its activities. "We are working on Egypt...we would expect that to be completed and us to be able to invest in Egypt by November" says Hans Peter Lankes, acting vice president for operational policies at the EBRD. "The reason why Egypt is now a few weeks behind is simply because of the political situation in June, July, and August," EBRD president Suma Chakrabarti says, "We didn't really have anyone to talk to at the time."
The reason why Egypt is now a few weeks behind is simply because of the political situation in June, July, and August," EBRD president Suma Chakrabarti says, "We didn't really have anyone to talk to at the time."
The EBRD did not say how much it plans to invest, but last month it said it was preparing to invest up to 200 million euros by the end of the year in North Africa, and will increase its investments to 2.5 billion euros a year by 2015. Investors have become more enthusiastic about Egypt in recent months after it restarted talks with the International Monetary Fund and was promised debt relief from the United States.
The IMF has delayed sending a team to Cairo to negotiate a $4.8 billion loan while the Egyptian government works to complete its economic reform programme, a newspaper quoted the country's finance minister as saying on Monday.
The EBRD was set up in 1991 to help post-communist countries in Russia and Eastern Europe develop market economies. It extended its mandate last year to invest in Egypt, Jordan, Morocco and Tunisia following the Arab Spring uprisings in the Middle East and North Africa region. The bank, which invests mainly in the private sector, announced its first investments in Jordan, Morocco and Tunisia last month.
Source: Ahram Online