♦ €25 million loan in local currency for Assiut University in Upper Egypt
♦ Funds will finance environmentally friendly buildings
♦ University to provide quality education to young people in an underserved region
The young people of Upper Egypt will benefit from the construction of new environmentally friendly buildings for Assiut University, financed by a €25 million loan from the EBRD.
The funds will be provided in local currency to Cairo Investment and Real Estate Development (CIRA), an Egyptian joint stock company. Around a third of the investment will be dedicated to green financing to ensure efficient use of water and energy-efficient construction material during the development of the new campus.
Upper Egypt is home to 30 per cent of the country’s total population, yet is underserved in terms of services and economic opportunities. The new university will have four faculties as a first phase and will introduce new and modern learning programmes.
The EBRD will work to ensure that the buildings meet environmental standards, such as silver certification under the Leadership in Energy and Environmental Design (LEED) rating certificate.
CIRA is a joint stock company incorporated in Egypt and listed on the Egyptian Exchange with a market capitalisation of €440 million as of 30 September 2019.
Egypt is a founding member of EBRD. Since the start of its operations in the country in 2012, the Bank has invested over €5 billion in 96 projects in the country. In 2018, Egypt was the largest EBRD country of operations in terms of new commitments.