Cairo – Mubasher: The European Bank for Reconstruction and Development (EBRD) on Monday has opened its second office in Alexandria to maintain support for Egypt’s economic development.
Alexandria office will promote small and medium-sized enterprises (SMEs) in Egypt, according to the EBRD’s official website.
The EBRD’s second office in Egypt is a paramount step to reach out the country’s regions, the EBRD said, pointing out that the bank is “the first international financial institution in Egypt to establish a presence outside of the national capital.”
Alexandria team will be working on supporting SMEs in Egypt, in addition to seeking opportunities to help modernise public utilities in Alexandria, the bank added.
Moreover, head of the EU delegation to Egypt Ivan Surkoš, said the EU’s successful partnership with the EBRD had delivered a high-quality portfolio of investments in Egypt of around EUR 1.3 billion, including EUR 150 million in EU grants.
He added that SMEs are the backbone of Egypt’s economy with a “great potential for strengthening economic resilience.”
During the opening ceremony, guests discussed examples of the EBRD’s work to promote small firms and how to support SMEs in “An Era of Reform”, the EBRD highlighted.
The EBRD has been investing in Egypt since 2012 to modernise the private sector and improve livings’ standards by boosting the quality of public services.
The EBRD’s Cairo office has focused on sustainable energy, uncovering a major programme of investment in renewable energy sources.
