EBRD’s financing can exceed €1 billion this year in light of COP27: Harmgart – Egypt Today

EBRD’s financing can exceed €1 billion this year in light of COP27: Harmgart – Egypt Today

CAIRO - 22 August 2022: The European Bank for Reconstruction and Development's (EBRD) financing in Egypt may exceed 1 billion euros this year in light of Egypt's hosting of the climate change conference (COP27) in November, said Managing Director for the EBRD’s Southern and Eastern Mediterranean (SEMED) region Heike Harmgart. Egypt is among the top investment markets for the EBRD, Harmgart added in exclusive statements to MENA. She further expounded that the EBRD invests 1 billion euros in Egypt annually, saying that the bank plans to finance projects aiming at supporting green transition. Greater attention will be given to green investment, she affirmed, noting that the EBRD will focus on supporting renewable energy as well as eco-friendly transportation. Talking about her projections for the Egyptian economy, Harmgart said that the Central Bank of Egypt (CBE) is doing well in terms of managing exchange rates and inflation expectations, especially that the world is going through difficult circumstances. The CBE made rapid efforts to respond to global shocks and crises to mitigate, adapt and recover from the effects of the Covid-19 pandemic along with the Russia-Ukraine crisis, she further said. It is difficult to predict the exchange rate changes approved by the