Interview: EBRD to invest in Egypt over $1.4 bln in 2023

Ahram Online spoke to Pilloux during his two-week visit to Egypt to follow up on the EBRD’s investments in Egypt, explore new investment opportunities, and discuss with the Egyptian government its privatisation programme and other actions it has taken to unlock the potential of the private sector in the local market.

Egypt is the largest country of the EBRD’s operations in the Mediterranean region.

The EBRD has financed 163 projects since it began operations in the country.

Of these projects, 57 percent were directed to the private sector.

Pilloux revealed to Ahram Online the EBRD’s intention to seize the investment opportunities Egypt offers through its anticipated Initial Public Offering (IPO) programme.

Egypt’s government released in February a list of 32 state-owned companies that will go public starting March, either through floating a portion of their stakes in the Egyptian stock market or assigning a group of them to a strategic investor.

“Egypt’s privatisation programme is crucial for its economy. Through this programme, Egypt can show to the world that it is a place the investor can do business. For that reason, we are significantly interested in the opportunities the programme avails with an aim to give them additional credibility and additional impact. We plan to tap these opportunities, apart from the fossil fuel investment opportunities”, Pilloux told Ahram Online.

Pilloux also stressed that Egypt’s IPO programme, privatisation programme and the State Ownership Policy are good signs for the investment environment in the country, adding that the country’s new $3 billion deal with the International Monetary Fund (IMF) is also fundamental to stabilise the economy, as the private sector can develop only in a context of stability.