The European Bank for Reconstruction and Development (EBRD) will invest €200-300m in Egypt’s small and medium enterprises sector (SMEs) this year, EBRD Deputy Head for Egypt Khalid Hamza said.
“This year, we will sustain our investments in the SMEs sector as we invested from €200m to €300m in this sector in 2019,” Hamza told Daily News Egypt, adding that EBRD’s newly opened office in Ismailia governorate will focus on offering technical assistance for the SMEs there and surrounding areas.
“We hope to assist 200 SME clients through Ismailia office. Last year, we celebrated helping 200 clients from Alexandria office and 1,000 clients in Egypt over all,” Hamza mentioned, adding that Ismailia and Alexandria offices focus on offering technical assistance for SMEs.
EBRD is keen on boosting its activities outside Cairo, Hamza asserted, noting that women and youth receive special attention from the EBRD.
Additionally, the EBRD Vice President of Banking Alain Pilloux visited Egypt from 9 to 13 February for meetings with government officials and the private sector as well as launching the Bank’s activities in Ismailia.
The bank’s activities in Ismailia to serve small businesses in the Suez Canal region (Ismailia, Suez, and Port Said governorates) as well as in the neighbouring governorates of Sharqeya and Damietta, contributing to the economic growth of these strategic areas.
Since the start of EBRD’s operations in Egypt in 2012, the bank has invested over €6bn in 115 projects in the country. In 2019, in terms of new commitments, Egypt was the largest economy in the EBRD regions.