The President of the European Bank for Reconstruction and Development (EBRD), Suma Chakrabarti, will visit Egypt from Thursday till Sunday, to conduct high-profile meetings, and participate in the Business for Africa forum. Chakrabarti will meet the Egyptian President Abdel Fattah Al Sisi, Prime Minister and Minister of Housing and Urban Development Mostafa Madbouly, Minister of Finance Mohamed Maait. and Minister of Electricity and Energy Mohamed Shaker.
Chakrabarti will also sign several project contracts, as well as an agreement to launch the bank’s economic inclusion policy dialogue in Egypt, according to a statement from the bank. In addition, Chakrabarti will speak at the Business for Africa forum, to be held in Sharm El-Sheikh, on the presidential panel entitled ‘Bold Leadership and Collective Commitment – Advancing Intra-African Investments’, and participate in a panel on ‘Egypt as an Investment Destination and Gateway to Africa’, according to the statement.
Ahead of his mission, the EBRD’s president said that his foundation believes in the forum’s goal, which is the promotion of greater economic integration through increased investment flows across Africa, noting that, “The EBRD is committed to supporting Egypt in its reform efforts. The bank’s business in Egypt has been steadily growing, and integration is one of our priorities here, and in the other economies where we work.”
Additionally, Chakrabarti will sign a memorandum of understanding (MoU) between the EBRD and the Federation of Egyptian Industries, the Chamber of Engineering Industries, and another one with TVET Egypt.
The EBRD delegation will include Kyu Hong Cho, EBRD’s board director for Egypt; Alain Pilloux, EBRD’s banking vice president; Janet Heckman, EBRD’s managing director for the southern and eastern Mediterranean region, and Catarina Bjorlin-Hansen, EBRD’s deputy head for Egypt.
Since the start of its operations in Egypt in 2012, the EBRD has invested over €4.5bn in 87 projects in the country.
Egypt is part of the southern and eastern Mediterranean region, which is currently a fast-growing area of the bank’s operations, with more than €8.2bn investments in over 196 projects in six years.
Additionally, EBRD announced on Tuesday stepping up its support for Egyptian exporters and importers with a $ 50m trade facility to the Arab African International Bank (AAIB) Egypt under the EBRD’s Trade Facilitation Programme (TFP).
Through this facility the EBRD will issue guarantees in favour of international commercial banks covering thepolitical and commercial payment risk of the transactions undertaken by AAIB as well as provide financing for export and import transactions, added a statement.