Browsing: European Bank for Reconstruction and Development (EBRD)

The role of Public Development Banks in supporting the post COVID 19 crisis recovery in emerging and developing countries

A global coalition of public development banks today emphasized the urgency of immediate resources for Africa’s recovery post-Covid 19. Together, they committed to deepening cooperation to boost investment opportunities across the continent.

Participants in the meeting, hosted by the African Development Bank, brainstormed on joint actions that could help boost a strong and inclusive recovery in Africa. This would be recovery grounded in a dynamic private sector. The African Association of Development Finance Institutions co-organized the meeting in collaboration with the International Development Finance Club, which is hosted by the Agence Française de Développement.

The meeting was held virtually and follows the first Finance in Common Summit held in November 2020. At that summit, public development banks committed to work together to support the transformation of the global economy and society towards sustainable and resilient development.

During the three principal sessions of the meeting, heads of public development banks and …

EBRD supports three Moroccan enterprises with €300m loans

The European Bank for Reconstruction and Development (EBRD) mobilized €300 million worth of loans to three public enterprises in Morocco to help them recover from the COVID-19 crisis.

The enterprises set to benefit from the loan are the National Company of Highways of Morocco (ADM), the National Airports Office (ONDA) and the National Office for Electricity and Drinking Water (ONEE).

According to a joint press release from EBRD and the Ministry of Economy and Finance, the cooperation with EBRDD is part of efforts undertaken by the ministry to support Public Enterprises and Establishments to counter the impacts of Covid-19 crisis. The ministry is focusing on mobilizing funds for the cash for needs.

The funds will also support technical assistance to help the three entities modernize their governance.

The €300 million loans were signed Morocco’s minister of Economy and Finance Mohamed Benchaâboun on behalf of the three entities.

Benchaaboun …

Egypt Signs several multimillion-dollar energy deals at Investment Forum

Egypt said on Saturday it had signed several multimillion-dollar energy investment accords including a $430-million gas deal with Texas’ Noble Energy.

The deal will allow the Texas-based Noble Energy to pump natural gas through the East Mediterranean Gas Company’s pipeline.

Under another agreement with Noble Energy, the energy company in partnership with the Egyptian company Dolphinus Holdings will manufacture petroleum products. The project will be also be financed by the U.S. International Development Finance Corporation.

Egypt’s cabinet detailed the plans at the end of an Africa investment forum held on the site of the new Egypt’s planned administrative capital in the desert east of Cairo.

Lekela, Amsterdam-based company also announced it would start construction work on its West Bakr wind power plant, which will require a total investment of $350 million with a capacity of 250 megawatts.
According to the cabinet statement, Chris Antonopoulos, Lekela CEO said Siemens Gamesa would …