The European Bank for Reconstruction and Development (EBRD) is granting Egypt a loan worth €1.25 billion next year, said an official source at the Council of Ministers. He added that the bank seeks to provide Egypt with a billion Euro loan annually after three years.
On Tuesday, Prime Minister Hesham Qandil met with Soma Shaker Abate, head of the bank, to discuss the future cooperation between the Bank and Egypt.
The meeting discussed the sectors that the bank is eager to support in Egypt, especially small and medium-sized enterprises (SME's) in the private sector, as well as the development of renewable energies and water desalination.
Necessary steps to open a regional office of the bank in Egypt are planned, reflecting an interest in supporting the Egyptian economy and expanding the EBRD's activities in the region.
Source: Egypt Independant