The shareholders of the European Bank for Reconstruction and Development (EBRD) agreed to create a EUR 1bn special fund to invest in Egypt, Morocco, Tunisia and Jordan in response to last years wave of political changes in these countries, the EBRD said in a statement on its website. The bank has already opened preliminary offices in all four countries, appointed a managing director for the region and hired staff with regional experience. Financed out of the banks reserves, the fund will focus on the development of the private sector through promotion of growth of small and medium-sized enterprises, in addition to improvement of municipal services and development of stable financial sectors and energy resources. The first projects are likely to be concluded in September. The EBRD expects to raise investments in the region to up to EUR 2.5bn per year. |
Bahrain Middle East Bank made a USD 13mn full repayment of a loan obligation including a USD 1.4mn interest payment taking total repayments by the troubled lender to USD 43mn, the bank said in ... more
National Bank of Abu Dhabi (NBAD), the UAE's largest lender by market value, initiated a USD 17mn fifteen-year Uridashi bond, MENA's first ever, allowing the bank to directly access Japanese ... more
The GCC economies remain insulated from economic and political turbulence in the MENA region and globally but structural challenges continue to constrain sovereign ratings, ratings agency ... more