EBRD sets up EUR 1bn fund for investments in four MENA countries.

By bne IntelliNews May 21, 2012
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.

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