Mobile  |  About us  |  Photos  |  Videos  |  Subscriptions  |  RSS Feeds  |  Today's Paper  |  Classifieds  |  Contact Us
The Daily Star
THURSDAY, 24 APR 2014
09:02 AM Beirut time
Weather    
Beirut
17 °C
Blom Index
BLOM
1,214.01down
Middle East
Follow this story Print RSS Feed ePaper share this
EBRD says Egypt investment to begin before year-end
Agence France Presse
A+ A-

LONDON: The new head of the European Bank for Reconstruction and Development said Monday that the lender hoped to begin investing in Egypt before the end of the year.

The EBRD last month launched its first investments in emerging Arab democracies, approving three projects in Jordan, Tunisia and Morocco -- but it had given no details on Egypt.

After years concentrating on investment partnerships with private-sector firms across the former Soviet bloc, the EBRD agreed in May to invest a total of 1.0 billion euros ($1.3 billion) across north Africa and the Middle East.

"On Egypt, it's very simple, the reason for the delay ... is simply because there was a political situation in June, July and August," EBRD president Suma Chakrabarti told a London press conference on Monday.

"We didn't really have anyone to talk to at the time, as the government was being re-formed. Presidential elections took place and a new government then had to be formed."

"That's the only reason for the delay. Actually there is a good pipeline of projects being developed in Egypt," he said, adding that the first project would likely come "in November" or "certainly" towards the end of the year.

Chakrabarti, a former top British civil servant, was elected four months ago as the head of the EBRD.

He stressed that the bank wanted to make progress in Egypt, Jordan, Morocco and Tunisia before considering further expansion into nations like Libya.

Questioned if the bank had other nations on the radar, Chakrabarti replied:

"Not right now, but there's always three or four countries that want to have conversations with us about being involved in the EBRD -- whether it's with regard to business or membership."

"No, there isnt any great push at the moment. What would not be surprising (was) if Libya wanted to talk to us about it. And we would obviously have a conversation.

"But I'd just like to get off the ground in the four countries that we are in -- Egypt next -- because it's really important to do well first, from a managerial perspective."

The bank was formed in 1991 to help former Soviet bloc countries such as Hungary, Kazakhstan and Russia to switch and adapt to a market economy.

 
Home Middle East
 
     
 
Egypt
Advertisement
Comments  

Your feedback is important to us!

We invite all our readers to share with us their views and comments about this article.

Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.

comments powered by Disqus
Advertisement


Baabda 2014
Advertisement
Follow us on Facebook Follow us on Twitter Follow us on Linked In Follow us on Google+ Subscribe to our Live Feed
Multimedia
Images  
Pictures of the day
A selection of images from around the world- Wednesday, April 23, 2014
View all view all
Advertisement
Rami G. Khouri
Rami G. Khouri
Israel shows Zionism’s true colors
Michael Young
Michael Young
For Christians, blessed are the dividers
David Ignatius
David Ignatius
An Iran deal is close, but we’re not there yet
View all view all
Advertisement
cartoon
 
Click to View Articles
 
 
News
Business
Opinion
Sports
Culture
Technology
Entertainment
Privacy Policy | Anti-Spamming Policy | Disclaimer | Copyright Notice
© 2014 The Daily Star - All Rights Reserved - Designed and Developed By IDS