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EIB to increase its investments in Egypt
Egypt-European Union, Economics, 1/22/2002
The European Investment Bank (EIB) communications official Helen Kavvadia said that the EIB has provided Egypt with 186 million euros in the fields of electricity, production, wastewater management and development of small and medium-scale enterprises (SMEs).
The Bank is expected to increase its investments in Egypt this year, Kavvadia added.
Kavvadia said that the electricity sector received the lion's share of the EIB financing in the year 2001, pointing out that some 150 million euros in long-term loan have been provided to the Egyptian Electricity Holding Company to cover the building of a dual system natural gas power plant in Northern Cairo.
Kavvadia said that the EIB also provided 30 million euros to support investments in the SMEs.
"The loan will reinforce the development of a dynamic SME sector ready to meet the challenges of the creation of a Euro-Mediterranean free trade area," Kavvadia said, adding that the loan complements the on-going EIB global loan programme for upgrading the Egyptian enterprises.
She added that the Bank also supports the development of Egypt's IT sector with 6 million euros risk capital facility.
This is the second EIB risk capital investment facility extended to the IT sector in the Mediterranean region," she said.
Kavvadia explained that the EIB supports the EU's cooperation policies towards developing countries, under the EU-Mediterranean Partnership programme.
Within the context of this programme, the EIB will provide 6.4 billion euros during the period 2000-2006 to a host of projects in 12 Mediterranean countries that have signed association agreements with the EU including Egypt.
Previous Stories:
EU offers 250 million euros to modernize Egypt's industry
(1/14/2002)
EU delegation, due in Cairo soon
(1/7/2002)
EU-Egypt cooperation fuels industrial modernization
(12/25/2001)
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