EBRD allocates €1.5 billion for SME projects in Egypt

The European Bank for Reconstruction and Development (EBRD) has allocated 1.5 billion euros ($1.6 billion) to support small and medium-sized enterprises (SMEs) in Egypt during the next four years, said Reinhold Brender, the deputy head of the European Union’s delegation to the North African country.

He said in a press conference that the bank has a program which will be implemented within days targeting to develop the environment for small companies to invest and improve throughout the year.

He pointed out that the growth of small and medium-sized companies is an important factor for any sector until the financial integration in the formal economy.

He said that the Mediterranean region has more than 6 million small and medium-sized projects, which represent the backbone of these economies.

Source: Daily News Egypt