European Investment Bank (EIB) approved the issuance of over $800m in loans to support Egyptian economy. The Egyptian Prime Minister, Sherif Ismail, along with the Egyptian Minister of International Cooperation, Sahar Nasr, met with EIB’s Vice President, Dario Scannapieco, in order to sign loan agreements on, reported Daily News Egypt.

EIB provided a loan of around $81m for 13 rolling stock trains for the second metro line. Additionally, Scannapieco signed two loans worth over $544m, together with he National Bank of Egypt (NBE) and $108m with the Qatar National Bank (QNB), to support small- and medium-sized enterprises (SMEs). Furthermore, there was loan agreement of around $32m with the Export Development Bank of Egypt to boost Egyptian exports in different sectors.

Another agreement was signed between EID and the Egyptian government to provide consultancy services for the Port of Safaga project that will be developed through a partnership between Egypt’s public and private sectors. This comes under the development of the Golden Triangle project located between Qena, Safaga, and Al-Qusayr.