CAIRO: President Abdel Fatah al-Sisi will meet with visiting President of the European Bank for Reconstruction and Development (EBRD) Sir Suma Chakrabarti on Tuesday, Youm7 reported.
The meeting will review the projects to be funded by the EBRD during the upcoming period.
In October, the Board of Governors of the (EBRD) voted to make Egypt a formal recipient of finance and other support provided by the Bank, according to a press release from the EBRD.
During his two-day visit, Chakrabarti is scheduled to meet with Prime Minister Sherif Ismail to discuss ways to boost Egypt’s economy.
Earlier this month, the EBRD and the Ministry of International Cooperation signed two Memorandums of Understanding (MoU) aimed at delivering a significant improvement in the quality of services provided to the Egyptian people in the transport and water sectors, according to a statement from the ministry.
Under the first MoU, the EBRD will contribute to the rehabilitation of the Heliopolis tram link between the Ramsis and Almaza areas in Cairo with the overall cost estimated to be $500 million.
The second MoU is the Bank’s first formal engagement in developing a water irrigation system. The Bank will participate in a program developed by the Egyptian Ministry of Water Resources and Irrigation (MWRI) for the modernization of the irrigation system to increase the efficiency and quality of services, according to the statement.
In October, the EBRD and the National Bank of Egypt launched the first ever Women in Business program in Egypt, aimed at strengthening the role of female entrepreneurs in the local economy, according to Youm7.