Ramsco's Women Empowerment Initiative Recognized Among Top BRICS Businesswomen Practices for 2025    Egypt, Elsewedy review progress on Ain Sokhna phosphate complex    Gold prices end July with modest gains    Pakistan says successfully concluded 'landmark trade deal' with US    Egypt's FM, US envoy discuss Gaza ceasefire, Iran nuclear talks    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Federal Reserve maintains interest rates    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Rafah Crossing 'never been closed for one day' from Egypt: PM    I won't trade my identity to please market: Douzi    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt's EHA, Huawei discuss enhanced digital health    Egypt, Oman discuss environmental cooperation    Egypt's EDA explores pharma cooperation with Belarus    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



EBRD steps up lending to Arab states hit by unrest
Published in Daily News Egypt on 21 - 11 - 2013

Reuters – The European Bank for Reconstruction and Development (EBRD) aims to invest up to 800 million euros next year in key Arab countries hit by political turmoil to help bolster regional stability and spur growth, a senior bank official said.
The bank, set up by governments in 1991 to support the ex-Communist states of eastern Europe, has expanded its mandate in the past few years to invest in Jordan, Tunisia, Morocco and Egypt after uprisings unseated decades-old dictatorships in parts of the Middle East.
Continued political turmoil prompted the bank to put some investment on hold but, drawing from a 1 billion euro special fund, it has invested to date 429 million euros in 17 projects ranging from large energy projects to loans for private firms, with accumulative disbursements expected to reach around 500 million euros in 2013.
"What has happened because of the political events, we have been slowed down but we have the capacity to ramp up quickly so we are coming up with 800 million euros next year for the region," Betsy Nelson, EBRD's Vice President for Risk, told Reuters in an interview.
"But if things settle and there are opportunities we have the capacity to even do more," she added.
EBRD set up offices in Tunisia and Jordan last month.
For the first time in the region, it committed 20 million euros this year to support a Morocco-based Capital North Africa Venture Fund to provide equity financing to SMEs.
Turmoil in Egypt since the army toppled the freely elected Islamist leader on July 3 slowed investing in some projects though some were now being re-launched.
One such project was a gas flaring project in Egypt while the bank was extending up to $40 million to Kuwait Energy International Ltd (KEC) to finance its operations in Egypt.
EBRD granted Egypt's Universal Metallurgical Company $24 million to help it boost production of washing machines.
Another bank official blamed slower disbursements in Egypt on weary local investors in a climate of uncertainty.
"What has slowed down are investments for Egyptians in their own country. We provide the money but we are dependent on project sponsors and the private sector and projects and if they slow down there is not much we can do," Hildegard Gacek, managing director of EBRD's southern and eastern Mediterranean region.
EBRD was however accelerating its business in Jordan.
"In Jordan, it's probably the calmest of the four countries where we invest and we are making very good progress as a result," Nelson said.
EBRD was partnering with top lender Housing Bank for Trade and Finance and other local banks in Jordan to expand credit to small and medium sized firms, the backbone of the region's corporate landscape, that are traditionally short on funds.
EBRD has recently extended a $100 million loan to finance the construction of a 240 megawatt private power plant near the Jordanian capital. Another $80 million loan was extended to construct a major mall in partnership with Kuwaiti investors.
Demand in Jordan was fuelled by a cash-short private sector as the government has accelerated domestic borrowing to finance its deficit, at nearly 9 percent of GDP, EBRD officials and bankers said.
"There is a lot of demand in Jordan and the difficulty the government has in terms of its deficit and fiscal space has given more interest to companies to come to us," said Heike Harmgart, head of EBRD's new Jordan office.


Clic here to read the story from its source.