EBRD Explores Aid Targets for Egypt

    A scene in Cairo after the announcement that Hosni Mubarak will step down as president of Egypt. The European Bank for Reconstruction and Development hopes to finalize by spring a study on the possible areas of cooperation with Egypt. Photo by: Ahmed Al-Hilali / CC BY-NC-ND Ahmed Al-HilaliCC BY-NC-ND

    The European Bank for Reconstruction and Development intends to finalize a study on the possible areas of cooperation with Egypt, which is now transitioning to democratic rule following the ouster of Hosni Mubarak’s three-decade regime.

    “A technical study is being undertaken and the aim is to finalize it in spring for further consideration by our shareholders,” EBRD spokesman Axel Reiserer told Reuters Feb. 15.

    The study was requested by Egypt, a shareholder of the bank, last May. It seeks to identify areas of the Egyptian economy that could use EBRD’s support.

    “Obviously there is political momentum and a sense of urgency but the legal requirements for the decision remain the same,” Reiserer said.

    European Union foreign policy chief Catherine Ashton has suggested the EBRD could provide euro1 billion (UDS1.3 billion) annually to support Egyptian reforms in the aftermath of Mubarak’s overthrow last week.

    Read more development aid news.

    About the author

    • Ma. Rizza Leonzon

      As a former staff writer, Rizza focused mainly on business coverage, including key donors such as the Asian Development Bank and AusAID.