The European Bank for Reconstruction and Development (EBRD) will decide on a proposal to support Egypt with financing before the end of November, the bank stated on Monday.
The bank's board of directors has issued a proposal to its board of governors to inject funds into Egypt, a final decision on which is expected to be taken before 26th November.
Egypt is to become the main recipient of the annual $3.2 billion EBRD has pledged to the southern and eastern Mediterranean region by 2015, according to the bank. The first financing project is set to be approved before the end of 2012, pending approval by the bank's board of governors.
The EBRD was established in 1991 to help post-communist countries in Russia and Eastern Europe develop market economies. The bank extended its mandate last year to invest in Egypt, Jordan, Morocco and Tunisia following the so-called Arab Spring uprisings in the MENA region. EBRD President Sir Suma Chakrabarti visited Cairo earlier this week to discuss the bank's future activities in the country, during which he met with President Mohamed Morsi and Prime Minister Hisham Qandil.
Source: Ahram Online