The UK-based European Bank for Reconstruction and Development (EBRD) and the European Union (EU) recently launched a Small Business Support (SBS) facility with EUR 2.4 million (USD 3 million) in financial support from the EU for approximately 50 projects in Egypt. SBS aims to connect small and medium-sized enterprises (SMEs) with advisory services from local consultants and international experts in the areas of management, marketing, quality management and engineering.
In addition, EBRD will work with Egyptian government agencies, local business associations and chambers of commerce to promote investment and consultancy services for small business development in the nation [1].
Since EBRD began operations in Egypt in September 2012, it has invested USD 40 million in 3 projects in the country [2]. In 2012, EBRD invested EUR 8.7 billion (USD 11.4 billion) in 388 projects across 34 countries.
By Jennifer Young, Research Associate
About European Bank for Reconstruction and Development
The European Bank for Reconstruction and Development (EBRD) is a multilateral institution headquartered in London. The bank began operations in 1991 upon the agreement of 40 countries and is owned by 61 countries as well as the European Investment Bank and the European Union as of 2012. It aims to finance operations that are both commercially viable and assist development in 29 countries in Eastern Europe, Central Asia and North Africa. It does this by providing loans, debt securities, equity investments, guarantees and technical assistance to micro- and small businesses via commercial banks and non-bank microfinance institutions (MFIs). In 2012, EBRD invested EUR 8.7 billion (USD 11.4 billion) in 388 projects across 34 countries.
Sources and Additional Resources
[1] European Bank for Reconstruction and Development Press Release, “European Union and EBRD Officially Launch a Facility for Advisory Support to SMEs in Egypt, http://www.ebrd.com/pages/news/press/2013/130624a.shtml
[2] European Bank for Reconstruction and Development Country Factsheets, “Egypt,” http://www.ebrd.com/downloads/research/factsheets/egypt.pdf
MicroCapital Story, June 17, 2013, “MICROCAPITAL BRIEF: European Bank for Reconstruction and Development (EBRD) Considering $100m in Loans for National Bank of Egypt for Micro-, Small, Medium-Sized Enterprises; Trade Finance,” https://www.microcapital.org/microcapital-brief-european-bank-for-reconstruction-and-development-ebrd-considering-100m-in-loans-for-national-bank-of-egypt-for-micro-small-medium-sized-enterprises-trade-finance/
MicroCapital Story, September 27, 2011, “MICROCAPITAL BRIEF: European Bank for Reconstruction and Development (EBRD) Works With African Development Bank, Islamic Development Bank to Plan Expansion to Support Emerging Arab Democracies,” https://www.microcapital.org/microcapital-brief-european-bank-for-reconstruction-and-development-ebrd-works-with-african-development-bank-islamic-development-bank-to-plan-expansion-to-support-emerging-arab-democracies/
MicroCapital Universe Profile: European Bank for Reconstruction and Development (EBRD), http://microcapital.org/microfinanceuniverse/tiki-index.php?page=European+Bank+for+Reconstruction+and+Development+%28EBRD%29
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