Egypt negotiates 1.25-billion-euro loan

The European Bank for Reconstruction and Development is granting Egypt a loan worth 1.25 billion euros next year, said an official source at the Council of Ministers.

He added that the bank seeks to provide Egypt with a billion euro loan annually after three years.

Prime Minister Hesham Qandil met on Tuesday with Suma Chakrabarti, head of the bank, to discuss the future cooperation between the Bank and Egypt.

The meeting discussed the sectors that the bank is keen to support in Egypt, especially small and medium-sized enterprises in the private sector, as well as the development of renewable energy and water desalination.

Necessary actions to open regional office for the bank in Egypt are underway, reflecting an interest in supporting the Egyptian economy and expanding its activities in the region.

Edited translation from Al-Masry Al-Youm

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