Philip ter Woort, director of the European Bank for Reconstruction and Development (EBRD) in Egypt, said that the bank allocated €500m to support the renewable energy sector in Egypt. They agreed on the need to work together to set the strategy of the bank in Egypt. Ter Woort pointed out that the bank invested about €2bn in 36 projects across major sectors, including energy, renewable energy, manufacturing, transportation, agricultural industries, and utility services. Nasr stressed that the bank’s strategy must commensurate the priorities of the Egyptian people and the government’s economic reform programme, which was approved by the House of Representatives. Egypt is the third-largest country in the world in terms of the size of the support provided by the EBRD, and is expected to be the second-largest country soon.

Source: Daily News Egypt October 22, 2016 15:22 UTC