Discussing Future Cooperation Projects with EIB
Discussing Future Cooperation Projects with EIB
Source : www.moic.gov.eg
27-Jun-2016
The Minister of International Cooperation Dr. Sahar Nasr received Mr. Bruno Denis, Head of Division, Public Sector/South, Neighboring Countries Department at the European Investment Bank (EIB). The meeting comes within the framework of his visit to Cairo during the period form 27-30 June 2016, in presence of Head of the EIB Cairo Regional Office Mr. Christophe Lucet, to discuss the current financial cooperation portfolio and future cooperation areas between Egypt and EIB.
The Minister stated that the Egyptian Government was looking forward to EIB’s constant support in order to proceed with the implementation of Egypt’s economic development plans and priorities. She added that, in light of the diversity of financing resources available to the Egyptian Government, EIB should create competitive advantages through providing policies that ensure the existence of procedures to be applied to projects financed by EIB.
MOIC is keen on providing support to projects of priority to Egyptian citizens, in line with the state’s current priorities in terms of achieving the comprehensive economic growth goals, providing job opportunities, and improving standards of living, emphasized the Minister.
On his part, Mr. Denis commended the strategic cooperation relations between Egypt and the Bank, which started since the framework agreement for EIB’s operations in Egypt was signed in 1977. He also expressed the Bank’s willingness to realize optimum benefit from the volume of cooperation portfolio worth EUR 7.4 billion, under which EIB contributed to financing several sectors of priority to the Egyptian Government, including energy, SMEs, infrastructure, transports, and environment.
Both sides discussed several future cooperation projects to be signed before the end of this year, including the wind farm project in the Gulf of Suez, expected to be financed by the AFD, EIB, the European Union (EU), and GIZ, besides the Bank’s contribution to financing the purchasing of 13 metro trains as well as the signing of the third tranche from the Bank’s contribution to financing the third line of Cairo metro.
EIB is keen on supporting SMEs and is currently considering the provision of funds up to EUR 500 million to a number of public-sector banks in this regard, noted Mr. Denis.