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.

View Of Cityscape Against Cloudy Sky During Sunset. Photo Taken In Egypt, Cairo.

Getty Images/Abdul Muhaimin Mohamad / EyeEm

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

Copyright © 2021 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From North Africa