EBRD supports the development of private businesses and SMEs in Upper Egypt

By Nibal Zgheib

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Advisory programme to SME's

The European Bank for Reconstruction and Development (EBRD) today presented its advisory programmes to the business community in Upper Egypt including small and medium-sized enterprises (SMEs) through a seminar in Assiut. The event was held under the auspices of His Excellency Yasser el Desouki, Governor of Assiut, and with the support of the Assiut Businessmen Association.

The EBRD team gave a general overview of the financial and advisory services it can offer to the business community in Assiut, including financing enterprises (directly and through local partner banks), advisory services and policy dialogue.

Through its SME advisory programme, the EBRD connects SMEs with local consultants and international advisers, providing them with the know-how to transform their businesses. The advisory programme is EU-funded and to date over 290 SMEs in Egypt have benefited in Egypt from the programme.

Philip ter Woort, EBRD Director for Egypt, said: “The EBRD looks forward to meeting with the authorities and the business community in Assiut to better understand their needs and identify areas where the Bank can assist. Our visit to Assiut is part of the Bank's support for inclusive growth and sustainable development of the private sector in Upper Egypt.”

The EBRD has been investing in Egypt since 2012 and so far it has committed more than €1.45 billion through 30 projects. The Bank is committed to providing long-term support for the Egyptian economy with a variety of finance programmes focused on the financial, agribusiness, municipal, infrastructure, transport and telecommunications sectors, and through dedicated credit lines to SMEs through local banks.

 

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