The European Bank for Reconstruction and Development (EBRD) remains committed to supporting Egypt’s tourism sector, despite the ongoing coronavirus (COVID-19) pandemic, EBRD Deputy Head for Egypt Khalid Hamza said.
“The COVID-19 crisis won’t push us to postpone our €200m future commitment for Egypt’s tourism sector. The process of the new funds is going very well. We haven’t planned this package to be approved this year,” Hamza told Daily News Egypt.
Instead, he noted that he expects the EBRD’s new package for tourism, all of which will go to the private sector, to be activated within two years.
The framework’s focus is to design an eco-friendly product, with the hotel sector remaining committed to a green footprint.
In a previous interview with Daily News Egypt, EBRD Vice President of Banking, Alain Pilloux, said the EBRD is keen to invest in projects that have an inclusion aspect. This covers areas such as supporting employment and the training of young people and women.
The EBRD is in continuous discussions with several banks operating in Egypt on mechanisms that will help the local economy overcome the crisis created by the coronavirus, Hamza asserted.
Egypt is a founding member of the EBRD. Since the start of its operations in Egypt in 2012, the bank has invested over €6bn in 115 projects in the country. In 2019, Egypt was the largest economy, in terms of new commitments, in regions covered by the EBRD.