Egypt has attracted euro25 million from the European Investment Bank (EIB) to help develop small and medium enterprises in the region. The funds will be managed by local financial intermediaries including Export Development Bank of Egypt, EFG-Hermes Private Equity, CIIC, Industrial Development Bank of Egypt, Egycap and Capexcorp.
The funds will target SMEs operating in the industrial, agro-industrial and service sectors and wishing to modernise and develop their existing businesses in Egypt. This funding follows EIB’s initial facility of euro25 million, which was allocated in 1998 and has been fully and successfully invested, proving the demand for capital in the region.
Since 1978, the EIB has committed some euro2 billion for investment in Egypt, with an emphasis on infrastructures, environmental projects and the support of industrial development through direct loans, as well as global loans to the Egyptian banking sector for SME investment.