EBRD opens new office in Alexandria, confirms commitment to Egypt

CAIRO – 2 October 2017: The European Bank for Reconstruction and Development (EBRD) has opened a new office in Alexandria Monday to confirm its support for the economic development of Egypt.

The bank will be prioritizing small and medium enterprises sector (SMEs) in Egypt due to being a major source of job creation, EBRD Managing Director of the Southern and Eastern and Mediterranean (SEMED) region Janet Heckman said during the launching ceremony of the office in Alexandria.

Through their new office, the EBRD will focus on opportunities that help upgrade public utilities, Heckman said, noting that access to SMEs finance in Egypt is a “major challenge.”

“This a perfect base from which to launch the next phase of our work to support those small and medium-sized enterprises that are so crucial to the vitality of the whole economy,” she said, expressing her gratitude to the EU for its support in the EBRD’s work to promote SMEs.

Speaking at the event, Ambassador of the European Union 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 €1.3 billion ($1.5 billion), including €150 million in EU grants.

"We are therefore particularly pleased to make an important contribution to the EBRD’s Advice for Small Business Program in Egypt, as part of the substantial package of EU support in the southern and eastern Mediterranean region for the growth and competitiveness of micro, small and medium enterprises," Surkoš said.

The EBRD has been investing in Egypt since 2012, placing a strong focus on sustainable energy and renewable energy sources. In total, the bank has financed over 50 projects worth more than €2.6 billion.