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TunisiaEuropean Bank for Reconstruction and Development supports access to education in Upper Egypt
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 European Bank for Reconstruction and Development (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% 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.
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.
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Egypt
