Mashat: EIB Approves € 1.9 Billion For EgyptSource: www.export-egypt.com 7/20/2020, Location: Africa |
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The European Investment Bank (EIB) approved €1.9 billion to finance projects in Egypt as part of €16.6 billion of new financing dedicated for projects across Europe and around the world, said International Cooperation Minister Rania el Mashat .
She said Egypt will receive €800 million for COVID-19 related business investment in Egypt, along with €1.1 billion of new support that will transform public transport in cities across Egypt. She said the move comes after a successful visit by a delegation of the bank to Egypt in February to discuss strategic partnership. The EIB offered Egypt 9.7 billion euros since the start of partnership in 1979 while current cooperation portfolio stands at 2.3 billion euros. During the February visit, Mashat said the two sides agreed to continue cooperation and develop the private sector. Among the projects to be rehabilitated within the EIB funding are Alexandria tram, Abu Qir train line and Line 2 of Cairo Metro, she said. Transport sector is a top priority for the Egyptian government as it contributes 4.6 percent to the Gross Domestic Product and provides 6.2 percent of jobs. |
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