EU allocates USD 1.9 billion worth of investments in Egypt — official

A senior official said on Wednesday that the European Union has earmarked USD 1.9 billion worth of investments in Egypt's private sector. Dr. Rania Al-Mashat, the Minister of International Cooperation, announced the hefty European allocation, according to a statement released by her department that also indicated that she had held a meeting with the President of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso, in Armenia. Minister Al-Mashat, the deputy president of the bank's current sessions, said the Egyptian Government admires the bank's support for the nation and aspired for greater cooperation to boost investments, execute enterprises and offer support for the private sector. She said that Egypt and the EU would hold a business conference in June as part of the efforts to promote the relations. The minister revealed that the European portfolio of investments in Egypt climbed to USD 13 billion, 80 percent of which had been dedicated for the private sector. Source: Kuwa it News Agency