President Abdel Fattah Al Sisi met Tuesday European Bank for Reconstruction and Development (EBRD) President, Suma Chakrabarti at presidential palace headquarters in Cairo, Al Bawaba News reported. Spokesman for presidency, Alaa Youssef announced that the meeting was attended by minister of international cooperation, Sahar Nasr. Youssef revealed that Chakrabarti declared EBRD's intentions to pump investments worth 700 million euros in Egypt, during the coming period. The spokesman pointed out that Al Sisi congratulated Chakrabarti on his re-election as president of the EBRD. Al Sisi expressed Egypt's appreciation for the contribution of the EBRD in financing several development projects, which create job opportunities and improve the living conditions of citizens. The president also reviewed the steps taken by the state to revive the economy and provide attractive investment climate, as well as support small and medium enterprises by handing young people lenient loans. He stressed that Egypt has an open economy, which adopts free-market mechanisms, explaining that Egypt looks forward to strengthening cooperation with the bank in various projects. For his part, Chakrabarti praised the distinguished relations between Egypt and the bank, stressing on the desire of the EBRD to strengthen cooperation with Egypt and fund more projects. Chakrabarti explained that the EBRD aims to aid Egypt in its efforts to establish economic reforms and create economic stability, taking into account Egypt's fundamental role as pillar of the security and stability of the Middle East. He noted that the bank's total investments in Egypt reached 1.7 billion euros in 34 projects, which reflects the bank's confidence in the Egyptian economy. Also, he revealed that the EBRD intends to invest more than 700 million euros in various projects in Egypt, including electricity, railways, sanitation and subway projects.
