Regional Representative of the European Investment Bank (EIB) in Egypt Alfredo Abad asserted that President Abdel Fattah El Sisi’s decision to cancel the state of emergency in Egypt will positively affect the country’s economy and lure more investments.
In statements to MENA, he said that this decision will undoubtedly increase the confidence of investors in the Egyptian economy.
Abad said that the international multi-party institutions, like the EIB, have high expectations with regard to Egypt’s hosting of the COP27 next year, adding that this is a great opportunity for Egypt to post the world on its ideas about means combating climate change.
Abad termed the step as important, especially in light of the EIB’s interest in the climate change issue, asserting that the climate change file is very important for the EIB.
He noted that the bank’s portfolio in Egypt stands at about 7.5 billion euros in various sectors, including transportation, water, energy and small and medium sized enterprises.
He added that the bank hass extended a financing package of 1.5 billion euros to Egypt since the coronavirus crisis.
On the EIB’s efforts to support water projects in Egypt in light of the Ethiopian inflexibility in the negotiations on the Renaissance Dam, Abad said that this issue is a priority to the EIB.
Abad said that the bank is ready to discuss the opportunities to fund water desalination projects in addition to supporting irrigation and water treatment projects.
The bank is also ready to support the priorities of the Egyptian government in this sector.
On the pioneering step of Egypt’s issuance of the first green bonds in the region and in Africa, Abad lauded this advanced step which he considered as very important for the EIB.
