Sisi Meets President of EBRD on Investment in EgyptSource: www.export-egypt.com 6/1/2016, Location: Africa |
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 President Abdel Fattah El Sisi met President of the European Bank for Reconstruction and Development (EBRD) Sir Suma Chakrabarti to discuss steps taken to upgrade the infrastructure and create an investment-friendly atmosphere in Egypt.
Sir Chakrabarti said the EBRD intends to put some 700 million euros worth of new investments into projects in Egypt, presidential spokesman Alaa Youssef said. President Sisi voiced appreciation for the EBRD contribution to many development projects that helped create jobs for youth and improve the living conditions of citizens, Youssef added. Sisi also posted Sir Chakrabarti on efforts exerted by Cairo to support small and medium-sized enterprises (SMEs) through soft loans, the spokesman further said. Youssef also quoted Sisi as saying that Egypt has an open economy and adopts mechanisms of the free market. Egypt is looking forward to boosting cooperation with the EBRD, particularly where funding projects is concerned and especially after Egypt has been named an EBRD country of operation, Youssef also quoted Sisi as saying. Sir Chakrabarti put the total value of EBRD investments in Egypt at 1.7 billion euros, to fund 34 projects. Egypt came third in the list of EBRD beneficiary countries in 2015, Sir Chakrabarti said, expecting it to jump to the second position this year. This reflects confidence in the Egyptian economy, Sir Chakrabarti noted. |
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