CAIRO: European Bank for Reconstruction and Development allocated Thursday 350 million EGP ($50 million,) for financing small and medium-size enterprises (SMEs) in Egypt in the upcoming period, said Hildegard Gacek, the chairperson of the Southern and Eastern Mediterranean countries’ directorate at the EBRD.
During her meeting with Minister of Trade and Industry Mounir Fakhry Abdel Nour, Jacek announced that the EBRD will allocate 9 billion Euros every year for financing SMEs, the Ministry of Trade and Industry stated on its home page.
Beside pumping more finance at the SMEs sector, the EBRD is set to execute number of investment ventures in Egypt,” she said, adding the scheduled ventures will be in energy, agriculture, industry, tourism and infrastructures projects.
The EBRD is scheduled to fund a sewage plant, a sugar plant, as well as mid-income housing. Since 2012, the EBRD is has pumped about $639.9 million into 12 developmental projects in all sectors.
The Ministry of International Cooperation also announced Thursday the scheduled of financing to Egypt from the European Bank at the forthcoming period increased to $202 million, Youm7 reported.
SMEs represent 90 percent of total companies in Egypt and provide between 70-80 percent of Gross Domestic Product (GDP) and about 75 percent of job opportunities and serve major industries.