European Bank for Reconstruction and Development stakeholders appear to support Egypt’s request for assistance as the country undergoes political transitions, the bank’s president has shared.
“What I see is at least an openness and quite strong interest among many shareholders to [have] dialogue with the management on what we could provide” to Egypt, the Financial Times quotes EBRD President Thomas Mirow. “A first technical assessment shows that in terms of [progress in transition], Egypt is quite comparable to countries like, for instance, Ukraine.”
Egypt’s interim government has recently renewed a request to receive assistance from EBRD, which was initially made by the government of ousted President Hosni Mubarak. Mirow has indicated that the bank could lend Egypt up to €1 billion ($1.36 billion) if stakeholders approved the country’s request.
The bank’s stakeholders are set to discuss Egypt’s request to become an EBRD country of operation at their annual meeting in Kazakhstan in May, the Financial Times says.
>> EBRD Could Lend More than $1B Annually to Egypt, Bank Chief Says
>> Egypt Renews Request for EBRD Aid
Egypt’s finance minister Samir Radwan said on Thursday (April 14) his country needs $10 billion in funding from international lenders.
Radwan said he would seek assistance from the G-7 and other global lenders including the World Bank, Reuters says.
“I will be asking them for help,” Radwan said ahead of the World Bank-International Monetary Fund annual spring meetings slated for April 16-18. “My immediate priority is to ease the fiscal strains.”
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