The European Investment Bank (EIB) approved €1.1bn supporting support, on Wednesday, that will transform public transport in cities across Egypt. The bank will also provide €800m for business investments in the country relating to the novel coronavirus (COVID-19) pandemic.
The EIB has approved €16.6bn of new financing for projects across Europe and around the world. This includes over €10bn of coronavirus-related investment to improve public health, strengthen public services, and back investment by companies in sectors hit by the pandemic.
The EIB's Board of Directors, who met by video conference, also backed investment in climate, transport, clean energy and housing projects in Europe, Africa, Asia and South America.
Werner Hoyer, President of the EIB said, 'The COVID-19 pandemic may have been largely contained for the time being in Europe, but the number of companies seriously affected by the crisis continues to grow and the number of infected and seriously ill are rising rapidly on other continents.'