The European Bank for Reconstruction and Development (EBRD) has endorsed this year €300 million (US$340.5 million) to support small and medium-sized businesses in Egypt, said the lender’s director for Egypt, Philip ter Woort on Wednesday.
The EBRD has been investing in Egypt since 2012 and so far it has committed €1.7 billion through developmental projects involving several sectors in the country, ter Woort added.
The European bank official made these remarks during a symposium organised in Fayoum, southwest of Cairo.
€225 million out of €300 endorsed financing were provided to three Egyptian banks; National Bank of Egypt (NBE), National Bank of Kuwait (NBK), and Qatar National Bank AlAhli (QNB AlAhli) to support SMEs, ter Woort said. The money had already contributed to finance around 320 projects in Egypt.