The European Union and the Small Business Support program of the European Bank for Reconstruction and Development (EBRD), a UK-based financial institution, recently held an event in the Egyptian city of Alexandria to highlight their support for approximately 100 small and medium-sized enterprises (SMEs). EBRD’s Small Business Support program is financed by a grant from the European Union of EUR 2.4 million (USD 3 million) for technical assistance intended to make Egyptian SMEs more profitable. The technical assistance program seeks to help SMEs grow and attract financing by recruiting the services of consultants with knowledge in various fields including management, marketing and engineering.
Since 2012, EBRD has invested EUR 240 million in various projects in Egypt including support for SMEs. In 2013, EBRD invested EUR 8.5 billion (USD 11.4 billion) in 392 projects across 34 countries.
By Meraj Husain, Research Associate
About European Bank for Reconstruction and Development (EBRD)
The European Bank for Reconstruction and Development (EBRD) is a multilateral institution headquartered in London, England. The bank began operations in 1991 upon the agreement of 40 countries, and it 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 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 2013, EBRD invested EUR 8.5 billion (USD 11.4 billion) in 392 projects across 34 countries.
Sources and Additional Resources
[1] European Bank for Reconstruction and Development: “European Union and EBRD Officially Launch a Facility Providing Advisory Support to SMEs in Alexandria,” http://www.ebrd.com/pages/news/press/2014/140317b.shtml
MicroCapital, February 5, 2014, “European Bank for Reconstruction and Development (EBRD) Considers $21m Loan to Compagnie Internationale de Leasing (CIL) for Micro-,Small and Medium-sized Enterprises (MSMEs) in Tunisia,” https://www.microcapital.org/microcapital-brief-european-bank-for-reconstruction-and-development-ebrd-considers-21m-loan-to-compagnie-internationale-de-leasing-cil-for-micro-small-and-medium-sized-enterprises-msmes-in-t/
MicroCapital, January 8, 2014, “European Bank for Reconstruction and Development (EBRD) Loans $4m to Microfund for Women (MFW) of Jordan to Support Onlending to Female Entrepreneurs,” https://www.microcapital.org/microcapital-brief-european-bank-for-reconstruction-and-development-ebrd-loans-4m-to-microfund-for-women-mfw-of-jordan-to-support-onlending-to-female-entrepreneurs/
MicroCapital, July 10, 2013, “European Bank for Reconstruction and Development (EBRD), European Union Launch $3m “Small Business Support” Facility to Bring Technical Assistance to Firms in Egypt,” https://www.microcapital.org/microcapital-brief-european-bank-for-reconstruction-and-development-ebrd-european-union-launch-3m-small-business-support-facility-to-bring-technical-assistance-to-firms-in-egypt/
MicroCapital Universe Profile: European Bank for Reconstruction and Development (EBRD) https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=European+Bank+for+Reconstruction+and+Development+%28EBRD%29
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