EBRD President Sir Suma Chakrabarti visited Cairo on 31 May and 1 June to underscore the Bank’s continuing commitment to the development of a sustainable, market-oriented economy in Egypt.
Leading a delegation that included Hildegard Gacek, EBRD Managing Director for the Southern and Eastern Mediterranean (SEMED) region and Philip ter Woort, Director, Head of EBRD operations in Egypt, the EBRD President met senior officials from the administration, including President Abdel Fattah al-Sisi.
President Chakrabarti said: “This visit comes on the back of excellent cooperation between the EBRD and our Governor for Egypt, Minister of International Cooperation, Sahar Nasr. I am delighted by the scaling up of our operational activity in Egypt over the last three and a half years and the strong pipeline of future projects we have built. As I discussed with the President and members of the Government, we stand ready to help Egypt assemble a comprehensive package of reforms and improvements to the investment climate that will help raise investment levels, particularly in the private sector.”
During the meeting with President Sisi, Sir Suma outlined the EBRD’s plans for Egypt which combine a high level of investment with support for policy reform. In 2015 the EBRD financed 12 projects worth €780 million.
The EBRD President stressed the importance of the private sector in securing economic recovery in the country and said predictable policies were key to supporting domestic and foreign investment and enhancing economic competitiveness.
In his meeting with Prime Minister Sherif Ismail, Sir Suma discussed socio-economic developments and the government’s reform plan. He said the Bank can play a role in supporting the development of a sustainable, inclusive economy. Public-private projects are important for Egypt and they help reduce fiscal pressure.
Sir Suma also met with Finance Minister Amr el-Garhy, the Governor of the Central Bank of Egypt, Tarek Amer, and members of the Egyptian parliament.
In addition, he met representatives of the business community, members of the American Chamber of Commerce, and representatives of the World Bank and African Development Bank.
The EBRD has invested over €1.7 billion in Egypt through 34 projects since the start of its activities in the country at the end of 2012.
The Bank’s areas of investment include the financial sector, agribusiness, manufacturing and services, as well as infrastructure projects such as power, municipal water and wastewater services and contributions to the upgrade of transport services.