Egypt top SEMED market for EBRD investments in 2020
In 2019, Egypt was the top market for EBRD investments for the second year
View Of Cityscape Against Cloudy Sky During Sunset. Photo Taken In Egypt, Cairo.
Getty Images/Abdul Muhaimin Mohamad / EyeEm
By Staff Writer, Arab Finance
ArabFinance: Egypt accounted for EUR 1 billion (EGP 18.91 billion) of the EUR 2.2 billion (EGP 41.60 billion) financing provided by the European Bank for Reconstruction and Development (EBRD) to the southern and eastern Mediterranean (SEMED) region in 2020, according to the international lender’s recent report.
The amount included EUR 784 million (EGP 14.826 billion) worth liquidity lines to local banks for on-lending to small and medium-sized enterprises, in addition to a $12 million (EGP 188.25 million) loan to Dau Al Haram to develop a new hotel in west Cairo.
EBRD extended an initial $4.2 million (EGP 65.89 million) loan to TAQA PV for Solar Energy, TAQA Arabia’s renewable energy subsidiary, for a green private-to-private project.
The bank injected around EUR 73 million (EGP 1.38 billion) in Jordan, in addition to EUR 742 million (EGP 14.03 billion) and EUR 242 million (EGP 4.58 billion) in Morocco and Tunisia, respectively.
In Lebanon, the EBRD supported the importation of critical commodities, providing more than 100 advisory projects to small businesses.
In 2019, Egypt was the top market for EBRD investments for the second year after receiving EUR 1.2 billion (EGP 22.72 billion).
*At press time, the conversion rate is $1 = EGP 15.70, EUR 1 = 18.93
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