Egypt becomes recipient country of EBRD, promising large investments: diplomats
Illuminated euro sign is seen in front of the European Central Bank - REUTERS/Kai Pfaffenbach
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CAIRO: The majority of the European Bank for Reconstruction and Development (EBRD) Board of Governors has voted in favor of listing Egypt as a country of operation, Egyptian diplomatic sources told Youm7 Wednesday.

Egypt has been a listed as a prospective country of operation since 2013, as it made a request to be granted a recipient country status in 2012. The status would mean “allowing the use of ordinary capital resources for operation,” according to an EBRD 2012 assessment of Egypt.

Wide-scale investment in Egypt would result from the status, the diplomatic sources told Youm7.

Turkey, where an EBRD conference on energy financing was held Wednesday, abstained from voting, according to Youm7.

Egypt had to implement certain legal amendments to comply with EBRD Establishment Agreement, which also requires economic and political conditions on recipient countries. The regime of former President Hosni Mubarak pursued the status in 2009, the Supreme Council of Armed Forces officially requested it in 2012, and the potential status was approved in 2013 while former President Mohamed Morsi was in power.

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