A delegation from the European Bank for Reconstruction and Development’s (EBRD) board of directors began a four-day visit to Egypt on Monday for an update and eyewitness account of the latest developments in the country.
It comes as part of a series of consultations by the bank’s shareholders to hear about the priorities for the local economy and to maintain a close dialogue with local authorities and the private sector, a statement from the bank said on Sunday.
The visit includes meetings with Prime Minister Mostafa Madbouly; Minister of Investment and International Cooperation, Sahar Nasr; Minister of Electricity and Renewable Energy, Mohamed Shaker; Minister of Finance, Mohamed Moiet; Minister of Transport, Kamel Al-Wazir; and the Governor of the Central Bank of Egypt (CBE), Tarek Amer.
The EBRD delegation will also meet with business and diplomatic representatives as well as international partners and civil society organisations, and will inspect the projects financed by the bank.
Furthermore, the delegation includes 10 regional directors of the bank: KyooHong Cho, director for Korea, Australia, New Zealand, and Egypt; Gyorgy Barcza, director for Hungary, the Slovak Republic, Czech Republic, Croatia, and Georgia; and Felipe Martinez, director for Spain and Mexico.
The list also includes Michael Offer, director for Germany; Remigi Winzap, director for Switzerland, Ukraine, Liechtenstein, Turkmenistan, Serbia, Montenegro, and Uzbekistan; Peter Basch, alternate director for the European Union; and Nathalie Dube, alternate director for Canada, Morocco, Jordan, and Tunisia.
Also, Mart Kivine, alternate director for Sweden, Iceland, and Estonia; Philip Lindsey, alternate director for Korea, Australia, New Zealand, and Egypt; and Jens Lundsgaard, alternate director for Ireland, Denmark, Kosovo, and Lithuania, are all visiting Egypt.
Egypt is a founding member of the EBRD. Since the launch of its operations in the country in 2012, the bank has invested over €5bn in 96 local projects. Egypt was the largest EBRD country in terms of new commitments in 2018.
The CBE is discussing with the EBRD offering new banking products to the local market, EBRD’s Vice President for Banking, Alain Pilloux, told Daily News Egypt in July 2019, noting that the bank invested in Egypt about $3bn over the last two years.