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EBRD Annual Meeting | Istanbul, 11 May 2013 © European Bank for Reconstruction and Development 2012 | www.ebrd.com Philip ter Woort Director, Head of Office.

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Presentation on theme: "EBRD Annual Meeting | Istanbul, 11 May 2013 © European Bank for Reconstruction and Development 2012 | www.ebrd.com Philip ter Woort Director, Head of Office."— Presentation transcript:

1 EBRD Annual Meeting | Istanbul, 11 May 2013 © European Bank for Reconstruction and Development 2012 | Philip ter Woort Director, Head of Office Egypt EBRD in Egypt

2 2 EBRD and Egypt - timelines March 1991 Egypt co-signs AEB and becomes a founding father of EBRD May 2011 G-8 expresses support of Arab spring countries (Deauville) September 2011 EBRD Board approves geographical expansion into SEMED October 2012 Egypt request to become a potential recipient country November 2012 Egypt becomes a potential recipient country December 2012 EBRD signs its first transaction in Egypt May/June 2013 Article 1 & 18 ratified - Egypt eligible to become a CoO September 2013 Opening of EBRD Resident Office in Cairo May 2012 EBRD Governors approves 1 bn special fund for SEMED region May/June 2013 Host Country Agreement signed with Egyptian Government

3 3 Summary key transition challenges Manufacturing & Services: Weak contract enforcement & limited competition & high firm disclosure costs Energy: Unbundling & gradual price liberalization & regulator independence Infrastructure: Underinvestment & tariff structures & little private sector involvement Financial sector: State dominated banking sector & access to finance Agribusiness: Low yields & limited logistics & resource inefficiency

4 4 EBRD Egypt Operational priorities Finance and improve conditions for investments in the private sector, including mid-sized companies Modernise the financial sector by strengthening its capacity and diversifying financial products and support of MSMEs Enhance the agribusiness value chain to improve food security and strengthen the distribution chain Increase the role of cleaner fuels and renewable energy and improve energy efficiency Support reform and commercialisation of the transport, fuels and power sectors Upgrade and expand municipal infrastructure

5 5 EBRD strengths & added value Strong international recognised financial partner with long term perspective and deep private sector focus and experience Triple A rated as recently confirmed by all three major rating agencies Close working relationship with governments and shareholders International Financial Institution with a preferred credit status Wide tool kit, including technical assistance (energy efficiency) Stamp of approval on corporate governance & environmental standards

6 6 EBRD Finance Tool Kit LoansEquity Senior, subordinated, convertible Long term (up to 10yrs or more) or short term revolving Floating/ Fixed rates Choice of currencies (EUR, USD, RUB etc.) Mobilize external finance Common stock or preferred Minority position only (up to 35%) Mezzanine debt

7 7 EBRD Egypt – Activities to date Hired a team of 10 Egyptian professionals Small Business Support: > 50 technical assistance projects General PD TA programs (including obtaining funding for MSME/WIB programme with the Social Fund for Development) Already signed 2 transactions for aggregate amount of Euro 29 mm: Euro 19 mm – White good manufacturing company Euro 10 mm – Waste water treatment plant In process to building a diversified pipeline of new projects

8 8 EBRD in Egypt – Open for business! Contact: Philip ter Woort,


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