EBRD targeting EUR1bn investments in Egypt this year after float
The European Bank for Reconstruction and Development (EBRD) is expecting to invest about EUR1bn in Egypt this year, following a revival in investor interest after it had floated its pound currency in November, EBRD officials said on Tuesday. EBRD has invested EUR2.3bn in 42 projects in Egypt since it began operations there in 2012, making the country the bank's third-biggest investment destination worldwide. The bank, which works with companies to support market economies and develop the private sector, had hoped to work on more projects last year, but a foreign currency shortage in Egypt caused many investors to put their plans on hold. "There's been more investor interest in Egypt since the currency reforms and some of the other economic reforms that Egypt is undertaking," Janet Heckman, Managing Director for the southern and eastern Mediterranean, told Reuters in Cairo. "In the autumn things slowed as people put on hold projects both before and after the devaluation. In February, we saw companies resume activity," Hansen told Reuters. "I am optimistic but it is important to stick to the plan and not to take any shortcuts, which is tempting when things get cumbersome." Hansen said the EBRD was expecting to invest in a larger number of smaller projects this year than the 17 it worked on last year.
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