Dr. Nasr: “EIB supported Egypt with EUR 8.2 billion so far … The current portfolio is worth USD 1.7 billion … We work on supporting the infrastructure to attract investors”.
On 13 September 2017, on the sidelines of the inauguration of the “Boosting Investments in the Mediterranean” Conference organized by EIB in collaboration with MIIC, the Minister of Investment and International Cooperation Dr. Sahar Nasr signed a financing agreement worth EUR 4.7 million with the Minister of Housing Dr. Mostafa Madbouly and Vice-President of the European Investment Bank (EIB) Mr. Dario Scannapieco to finance Kafr El-Sheikh Sanitation Project, in presence of the Governor of Kafr El-Sheikh Maj. Gen. Al-Sayyed Nasr. Further, Dr. Nasr and Mr. Scannapieco signed an MOU that includes an agreement for signing 3 future projects with EIB during the upcoming months. Such projects include financing Kitchener sanitation with EUR 209 million, the rehabilitation of sanitation at Lake Qarun in Fayoum with EUR 172 million and the technical support grant worth EUR 400.000 for Alexandria Water and Wastewater Company.
The Minister emphasized Egypt’s keenness in enhancing cooperation with EIB during the upcoming period, noting that the total funds provided by EIB to Egypt reached EUR 8.2 billion. The Minister added that the current portfolio was worth USD 1.7 billion, asserting Egypt’s keenness on supporting the private sector due to its role in the development process.
In addition, the Minister indicated that the financing agreement of Kafr El-Sheikh sanitation project was co-financed by several development partners with EUR 163.5 million, EUR 77 million of which was provided by the EIB, EUR 55 million by the European Bank for Reconstruction and Development (EBRD) and EUR 15 million by the European Commission. She pointed out that the objective of the projects was to improve the quality of irrigation water and the environmental quality of the River Nile, Lake Brulos and the Mediterranean. She also explained that cooperation was underway between MIIC and the Ministry of Housing to support projects that improve standards of living within the framework of an integrated system.
MIIC worked on supporting the infrastructure in Egypt, including roads, housing and sanitation, given that investors can’t be attracted without the existence of infrastructure.
On his part, Dr. Madbouly expressed his appreciation of the Minister for her efforts in signing the financing agreement, emphasizing that the Ministry of Housing worked on implementing the project rapidly.
“We believe in the role played by the private sector in increasing economic activities and creating job opportunities for the unemployed and newcomers to the labor market. Thus, EIB intensifies its support of the private sector within the framework of the economic development support initiative and we have recently approved the provision of EUR 600 million for SMEs in Egypt, Jordan, Lebanon, Tunisia and Morocco within the framework of EIB’s new initiative. We also seek to increase the volume of investments during the upcoming period,” stated Mr. Scannapieco.
As for the Governor of Kafr El-Sheikh, he explained that Kafr El-Sheikh suffered from Kitchener drainage; it combated Virus C and succeeded in treating citizens. He noted that citizens were pleased with the signing of the agreement with EIB, noting that he started working on the establishment of Kafr El-Sheikh investment zone through MIIC in order to attract further investors.
EIB announced during the conference that it provided approximately EUR 1 billion worth of funds in the Mediterranean during 2016.
The conference called on the private sector to play a greater role in creating job opportunities and increasing economic growth in the Mediterranean.
The conference also tackled challenges and opportunities available in the region as well as EIB’s new Economic Resilience Initiative, which aims to provide the private and public sectors with further funding and to contribute to strengthening economies in the region, besides creating job opportunities and increasing economic growth.
The conference was attended by representatives from governments and investors from Egypt, Jordan, Lebanon, Tunisia and Morocco to discuss the current economic status and potential opportunities of economic development as well as the means of supporting micro, small and medium enterprises (MSMEs) so as to support innovation and increase competitiveness.