Egyptian banks did not fund GERD: Banking association

Ahram Online , Tuesday 30 Jun 2020

Federation of Egyptian Banks
Federation of Egyptian Banks logo

The Federation of Egyptian Banks on Tuesday denied rumours on social media that Egyptian banks had participated in financing the Grand Ethiopian Renaissance Dam (GERD).

“What was said about Egyptian banks participating in financing the GERD or having traded GERD bonds are unbelievable claims; these are rumors that were denied previously by the Central Bank of Egypt,” Mohamed El-Etreby, the chairman of the FEB, said in a statement.

The federation has asked the public to be careful about the information they share and to take information from official sources.

The construction of the Ethiopian mega-dam is being financed by Ethiopian bonds and Chinese banks.

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