Revoking state of emergency in Egypt positively affects economy: EIB

MENA , Ahram Online , Thursday 28 Oct 2021

Alfredo Abad, the regional representative of the European Investment Bank (EIB) in Egypt, asserted that Egypt’s decision to not renew the state of emergency will positively affect the country’s economy and lure more investments.

The regional representative of the European Investment Bank (EIB) in Egypt, Alfredo Abad, at Egypt-ICF

President Abdel-Fattah El-Sisi announced on Monday that he would not extend the state of emergency that had been renewed every three months since two churches in northern Egypt were subjected to terrorist attacks in April 2017.

Announcing the decision in a Facebook post, El-Sisi said Egypt has become “an oasis of security and stability in the region.”

In statements to the state’s news agency MENA, Abad said that this decision will undoubtedly increase the confidence of investors in the Egyptian economy.

He said that international multi-party institutions like the EIB have high expectations regarding Egypt’s hosting of the UN Climate Change Conference next year.

Abad added that this is a great opportunity for Egypt to post the world on its ideas about means of combating climate change.

He labeled the step as important, especially in light of the EIB’s interest in the issue of climate change, asserting that global warming is very important for the EIB.

He noted that the bank’s portfolio in Egypt stands at about 7.5 billion euros in various sectors, including transportation, water, energy, and small- and medium-sized enterprises.

He added that the bank has extended a financing package of 1.5 billion euros to Egypt since the pandemic began.

Abad had told Ahram Online on Tuesday that total investments by the European Investment Bank (EIB) in Egypt in 2021 are expected to reach 1 billion euros.

He added to  MENA that supporting water projects in Egypt is a priority for the bank, in light of Ethiopia’s intransigence in the negotiations on the Grand Ethiopian Renaissance Dam.

Moreover, he said that the bank is ready to discuss opportunities to fund water desalination projects in addition to supporting irrigation and water treatment projects. The bank is also ready to support the priorities of the Egyptian government in this sector.

Abad lauded Egypt’s issuance of the first green bonds in the region and in Africa, describing the step as very important for the EIB.

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