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International banks reiterate support for Egypt’s development plans - Daily News Egypt

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International banks reiterate support for Egypt’s development plans

AfDB issues $3bn social impact bond to support national coronavirus response

Three international development banks working in Egypt have reiterated their support for the country’s development efforts, according to a Ministry of International Cooperation statement on Monday.

The African Development Bank (AfDB), the European Bank for Reconstruction and Development (EBRD), and the European Investment Bank (EIB) reaffirmed their support particularly in light of the ongoing coronavirus (COVID-19) pandemic.

Egypt continues to show its resilience in adverse times, with the government taking rapid action against the coronavirus outbreak, said Malinne Blomberg, Country Manager at AfDB’s Egypt office.

Now more than ever, leadership is about communication and coordination between partners, she added. Blomberg also said that the Ministry of International Cooperation’s outreach to development partners is an essential step in helping the AfDB maximise its contribution to Egypt’s needs, both short- and long-term.

The AfDB recently issued a $3bn three-year bond to its member countries, including Egypt, to help alleviate the economic and social impact the Covid-19 pandemic will have on livelihoods and Africa’s economies.

The EBRD is vigorously working across Egypt to deliver its previously announced €1bn global solidarity package. The package comes as part of efforts to curb the impacts of the coronavirus pandemic on companies and banks, Heike Harmgart, Managing Director of Southern and Eastern Mediterranean at the EBRD said.

“We are already working with existing clients across Egypt to understand their needs and support them with working capital and trade finance, as well as taking an enabling view to re-scheduling if existing loans,” she mentioned.

Alfredo Abad, Head of the EIB’s Cairo office, praised the Ministry of International Cooperation’s plans on development, confirming the bank’s readiness to assist Egypt in combating the spread of the coronavirus. 

The ministry launched a New Global Partnerships Narrative with Egypt’s international development partners, according to a ministerial statement on Sunday.

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