The European Investment Bank has decided to hold a meeting of its board of directors in Egypt - the first time such a meeting has been held outside Luxembourg, the headquarters state.
The Minister of Planning and International cooperation, Ahmad Darsh, told the October Weekly magazine that Egypt was chosen for to host the board meeting because of its important international rank and, in addition, Egypt is a major beneficiary of the bank's loans.
The magazine said discussions are underway between Egypt and the Bank to take part in financing Max and al-Dekhela project for sanitary drainage.
Relations between Egypt and the Bank started in 1977. The Bank has helped finance several development projects in infrastructure fields.
The Bank offers long-term loans to Egypt with easy terms in payment. When contracting loans, interest rate changes according to the international interest rate. – (Albawaba-MEBG)
© 2000 Mena Report (www.menareport.com)
