$1 billion.. European Bank for Reconstruction investments in Egypt
The e European Bank announced the first investments in this sector at the Climate Summit in Egypt, in the first private sector company that produces green hydrogen in Egypt, “VirtGlobe”.
Shrouq
The European Bank for Reconstruction and Development aims to inject investments amounting to one billion dollars in Egypt this year.
The Director of the European Bank for Reconstruction and Development in Egypt, Khaled Hamza, said that the bank aims to pump investments of more than one billion dollars in Egypt during the current year.
European bank strategy
Hamza explained that the European Bank launched its strategy in Egypt for a period of 5 years, starting from 2021, which is based on 3 axes:
- The first is to help the Egyptian economy to be inclusive.
- the second is to support the green transition.
- the third is to benefit the local economy from the competitiveness of the private sector.
The European for Reconstruction added that through the three axes, invest about 1.3-1.4 billion dollars during 2022 in various sectors, of which 77% are in the private sector, and 59% of these investments are green.
Investments in Egypt
He continued, “Over the course of 5-6 years, the investments in Egypt will exceed one billion dollars annually, and we will continue at this pace.”
With regard to investing in green hydrogen, Hamza said, the European Bank announced the first investments in this sector at the Climate Summit in Egypt, in the first private sector company that produces green hydrogen in Egypt, “VirtGlobe”.
He Continued, the bank continues with many institutions and entities operating and wishing to invest in green hydrogen in Egypt, and with the completion of the necessary studies, the European Bank will be ready to participate.
