Asharq Al-awsat English https://aawsat.com/english Middle-east and International News and Opinion from Asharq Al-awsat Newspaper http://feedly.com/icon.svg

European Bank for Reconstruction Hails Egypt’s Successful Infrastructure Projects

European Bank for Reconstruction Hails Egypt’s Successful Infrastructure Projects

Saturday, 13 July, 2019 - 11:30
A general view of Cairo, Egypt. (Reuters)
Cairo - Asharq Al-Awsat
Suma Chakrabarti, President of the European Bank for Reconstruction and Development (EBRD), said that Egypt is achieving great success in infrastructure projects as part of the economic reform program in the country.

During his meeting with Egypt's Minister of Investments and International Cooperation Sahar Nasser in London on Friday, Chakrabarti expressed the bank’s keenness to cooperate with Egypt to reinforce economic integration in Africa as President Abdel Fattah al-Sisi chairs the African Union for this year.

He noted that the bank is committed to supporting Egypt in its reform efforts. The bank’s investment volume is estimated at USD4.9 billion, with the private sector accounting for 58 percent of the total. Its investments in Egypt account for more than 50 percent of its investments in Africa.

The two officials discussed increasing cooperation between Egypt and EBRD in new fields, such as transportation, amid the bank’s interest in expanding its operations in Egypt.

On Friday, Egypt participated in the Asian Infrastructure Investment Bank (AIIB)

Minister of Finance Mohammed Moeit represented Egypt at the meeting along with Ahmed Kajuk, deputy Minister of Finance for Financial Policy and Institutional Development.

AIIB discussed possible means to reinforce communication mechanisms with neighboring countries and consolidating the partnership between the Asia and Europe through investing in infrastructure and benefiting from successful international experiences.

Cairo is expected to host on November 4-6 the first edition of the Egy Traffic expo on road, bridge transportation, communications, energy and electricity projects.

Amr Shawky, Chairman of the Board of Directors of EGY TECH Engineering, said that in addition to projects, the exhibition will offer radical solutions to traffic and transportation problems, to serve the people and encourage foreign investment in Egypt.

Editor Picks

Multimedia