{"id":617519,"date":"2024-03-24T00:00:00","date_gmt":"2024-03-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/24\/ebrd-working-to-unlock-usd-1-bn-from-imf-banks-egypt-head-tells-enterprise\/"},"modified":"2024-03-24T00:00:00","modified_gmt":"2024-03-24T00:00:00","slug":"ebrd-working-to-unlock-usd-1-bn-from-imf-banks-egypt-head-tells-enterprise","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/24\/ebrd-working-to-unlock-usd-1-bn-from-imf-banks-egypt-head-tells-enterprise\/","title":{"rendered":"EBRD working to unlock USD 1 bn from IMF, bank\u2019s Egypt head tells Enterprise"},"content":{"rendered":"

The EBRD has an important role to play in Egypt\u2019s strategic partnership with the <\/strong>EU: <\/strong>On the heels of the European Commission President Ursula von der Leyen\u2019s visit to Cairo<\/a> last week, which was accompanied by various European heads of state to ink a joint strategic and comprehensive partnership<\/a> with Egypt, Enterprise sat down with the European Bank for Reconstruction and Development\u2019s (EBRD) Head of Egypt Khalid Hamza (LinkedIn<\/a>) to find out more about the new partnership and the incoming EUR 7.4 bn.<\/p>\n

Remember- A lot has changed during the month<\/strong>, with businesses, policymakers, and international lenders like the EBRD assessing the impact of a new post-float normal. Huge inflows of foreign currency have started entering Egypt\u2019s coffers following the ADQ\u2019s landmark USD 35 bn Ras El Hekma agreement<\/a> \u2014 the largest ever direct investment in Egypt. Soon after, the central bank moved to float<\/a> the currency and hike interest rates by 600 bps to tackle an FX crunch that was facing the country. In addition, over USD 22 bn funding from the IMF<\/a>, EU<\/a>, and World Bank<\/a> was greenlit.<\/p>\n

For starters, the bank is going to help unlock USD 1 bn to support the partnership\u2019s <\/strong>economic stability pillar: <\/strong>\u201cIf we speak about the economic macro stability, here we're coordinating with other [international financial institutions] and with the IMF on some of the policy issues that Egypt could adopt to be able to release the Resilience and Sustainability Facility,\u201d Hamza told Enterprise. The IMF facility<\/a> unlocks about USD 1 bn to facilitate Egypt\u2019s energy transition.<\/p>\n

The EBRD is going to play an important role in trade and investment \u2014 especially for the <\/strong>private sector \u2014 <\/strong>under the EU-Egypt partnership, Hamza told us, saying that almost 80% of the bank\u2019s activity is with the private sector and that the last year saw 96% go to the private sector.<\/p>\n

The bank aims to double down on infrastructure investment to tackle the migration <\/strong>crisis: <\/strong>Migration \u201cputs a lot of pressure on Egyptian infrastructure, both hard and soft infrastructure,\u201d Hamza explained, citing that the partnership seeks to support Egypt in hosting refugees and migrants and continuing to clamp down on irregular migration. \u201cWe're very well geared to address this and we've done this before and in other areas in the region by addressing those issues with investments in infrastructure.\u201d<\/p>\n

Fresh funds? <\/strong>While the EUR 7.4 bn package of grants and loans includes pledges that were previously announced, funds like the EUR 35 mn allocated in 2022<\/a> to Egypt\u2019s Nexus of Water, Food, and Energy have not been utilized yet and in this sense can be considered \u201cnew money,\u201d Hamza explained.<\/p>\n

But what does the EU get out of the partnership? <\/strong>\u201cThere's the political dimension, there's the security dimension, and there's the economic dimension,\u201d Hamza said. In addition to being important to regional stability and an important factor in limiting unregulated migration flows into Europe, \u201cit's also very important because it has a huge potential to become a key supplier of renewable energy to its European neighbors.\u201d<\/p>\n

How will the political and security dimensions play out?<\/strong> \u201cPolitics is best left to the politicians and security is best left for those who work in security,\u201d Hamza told us.<\/p>\n

The partnership\u2019s education and research cooperation pillar will also get some EBRD <\/strong>financial support and know-how: <\/strong>Skills development \u201cis something that we play a big role in. We've worked in Egypt on trying to help with the establishment of a number of sector skills,\u201d Hamza told us. \u201cWe've also supported the private sector establishing technical skills\u2026We've actually financed technical assistance to upgrade and build capacity on the staff level.\u201d<\/p>\n

The float doesn't just affect the valuation of projects, it enables them<\/strong>, Hamza told us, explaining that mergers and acquisitions and the state privatization program faced stagnation, because it was difficult to determine the true value of a company amid multip exchange rates. Progress resumed, however, once the exchange rate was unified, he added.<\/p>\n

Is the EU private sector gearing up to invest in Egypt following the recent reforms? \u201c<\/strong>What happened with the IMF and the positive news that's happening at the moment is certainly raising curiosity on the European side.\u201d Hamza said. On top of this, the upcoming EU-Egypt Investment Conference \u201cwill shed a lot of light [on investments in Egypt] and also on the importance and strategic location of Egypt to Europe [especially in light of CBAM].\u201d<\/p>\n

Remember:<\/strong> The EU is gearing up to fully implement the Carbon Border Adjustment Mechanism<\/a> \u2014 more commonly known by its acronym CBAM \u2014 in 2026, which will require importers to purchase certificates according to the associated carbon emissions, effectively introducing a tax on high-emission goods from non-European countries such as Egypt.<\/p>\n

What the EBRD wants to see going forward:<\/strong> The EBRD is looking forward to seeing more private sector involvement in the economy, more manufacturing endeavors and more exports, Hamza said.<\/p>\n

\u201cI think that European companies are underutilizing the potential of Egypt,\u201d <\/strong>Hamza said, adding that \u201cEgypt has cheap labor, is strategically located very close to Europe, and is working hard on greening its supply chain.\u201d He also said that \u201cthere's a lot of incentives and positives when looking at Egypt as a manufacturing hub or nearshoring potential.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cI think that European companies are underutilizing the potential of Egypt,\u201d EBRD\u2019s head of Egypt said<\/p>\n","protected":false},"author":1,"featured_media":617520,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[838,571,104,72,7192,272,7394],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-617519","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-devaluation","tag-ebrd","tag-economy","tag-enterpriseam","tag-eu","tag-imf","tag-khalid-hamza","wpautop","entry"],"acf":{"mongo_id":"79b0d557-5cef-4e71-bd56-53baefb68d2f","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1736.jpg","photo_position":"above","homepage_title":"","full_issue_title":"EBRD working to unlock USD 1 bn from IMF\u2019s Resilience and Sustainability Facility, bank\u2019s Egypt head tells Enterprise","related_issue":[617514],"teaser":"\u201cI think that European companies are underutilizing the potential of Egypt,\u201d EBRD\u2019s head of Egypt said","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.8bd9a39f-f0ca-48d1-9dad-3406c64e0e88.mp3"},"yoast_head":"\nEBRD working to unlock USD 1 bn from IMF, bank\u2019s Egypt head tells Enterprise - 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Hamza, who assumed the role yesterday, joined the institution in 2012 as a principal banker. 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This\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/7\/171.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575042,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/30\/govt-requests-another-eur-250-mn-from-ebrd-for-abu-qir-metro-project\/","url_meta":{"origin":617519,"position":4},"title":"Gov\u2019t requests another EUR 250 mn from EBRD for Abu Qir metro project","author":"enterpriseam admin","date":"30 September 2020","format":false,"excerpt":"DEBT WATCH- More EBRD funds in the pipeline for Abu Qir metro conversion project? 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