The European Bank for Reconstruction and Development (EBRD) and the European Union are celebrating a landmark achievement, the conclusion of the 500th advisory project for small businesses in Egypt under the Bank’s Advice for Small Business Programme funded by the EU.

To mark this achievement, the EBRD hosted an event in Cairo which was attended by the Chargé d’Affaires a.i. of the EU Delegation to Egypt, Mr Reinhold Brender; and many business representatives and international donors.

Reinhold Brender, Chargé d’Affaires a.i. of the EU Delegation to Egypt noted: “Support for the private sector, and in particular to MSMEs, is one of the EU’s key priorities to promote economic development for inclusive growth and job creation in the Southern Neighbourhood South. The EBRD’s Advice for Small Business Programme forms part of the wider EU Initiative for Financial Inclusion.”

The EBRD’s Advice for Small Business programme offers diversified market experiences through working with local and international consultants who have expertise and knowledge in the field of innovation and attracting financing opportunities as well as high track records in turning the younger generations into business entrepreneurs.

One year after completion of an advisory project, the EBRD evaluates its projects to assess the impact the advice has had on the enterprise – and those results are strong.  Most of the assisted enterprises have reported an increase in annual turnover by an average of 61%. In addition, more than 50 % of assisted enterprises since 2012 have reported an increase in number of employees, thus creating more than 3,000 new jobs.

The EBRD has invested over EUR 2.3 billion in Egypt through 43 projects since the start of its activities in the country at the end of 2012. The Bank’s areas of investment include the financial sector, agribusiness, manufacturing and services, as well as infrastructure projects such as power, municipal water and wastewater services and support to transport services.

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Press release

EBRD in Egypt 

EU Delegation to Egypt