While a multilateral development bank is deciding on whether to expand operations in Egypt beyond providing technical assistance, its president has laid out potential projects in the country.
The European Bank for Reconstruction and Development aims to support small and midsize enterprises in Egypt, which will help generate jobs in the Arab nation. Bank investments will also target the financial sector, and infrastructure and municipal services development, according to a press release.
EBRD President Suma Chakrabarti, who held discussions with Egyptian President Mohammed Morsi and other Egyptian officials this week, said the investments — which are pending approval from the bank’s board of governors — seek to promote inclusive growth, youth employment and women entrepreneurship in the country. These are in line with the bank’s goals with three other Arab states covered by the $1.3 billion special fund the board approved in May.
The bank’s board of governors is expected to decide on its future activities in Egypt on Nov. 26. It is not clear, however, if this is just a formality as EBRD has already opened an office in the country and is in the process of hiring personnel.
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About the author
Jenny Lei Ravelo@JennyLeiRavelo
Jenny Lei Ravelo is a Devex Senior Reporter based in Manila. She covers global health, with a particular focus on the World Health Organization, and other development and humanitarian aid trends in Asia Pacific. Prior to Devex, she wrote for ABS-CBN, one of the largest broadcasting networks in the Philippines, and was a copy editor for various international scientific journals. She received her journalism degree from the University of Santo Tomas.