European Investment Bank extends two soft loans to Egypt

The European Investment bank offered Egypt with two soft loans worth 36 million euros.

The first loan is valued at 30 million euro and is designed for financing export and services projects, especially small and medium-scale ones.

The second loan estimated at 6 million euro, will be allocated for the Middle East technology fund.

The two agreements were signed by the board chairman of the Bank, currently visiting Egypt.

The first agreement was signed by Salah Fahmi, Deputy Chairman of Exports Development Bank while the second one was signed by Ayman Al-Gammal, the managing director of the Hermes financial group.

The signing ceremony was attended by Minister of Planning and International Cooperation Ahmed El-Darsh and Minster of Environment Nadia Makram Ebeid as well as a number of Egyptian businessmen.

Officials at the EIB said they are studying now some requests to finance setting up Sharm EL-Sheikh and Hurghada airports, the second and third line of Cairo underground Metro, recycling Alexandria solid wastes and East cairo power station.

Chairman of the EIB, Philippe Maystadt, said Egypt is one of the most important countries in the Middle East, consqeuently it can get a big share of the bank's loans.

On the other hand, the EIB delegation visited yesterday ALAhram press complex in the 6th of October City and get acquainted with the hi-tech methods used in printing and publishing newspapers, magazines and books.