EBRD sets up office in Alexandria, focuses on SMEs

The European Bank for Reconstruction and Development (EBRD) has set up an office in Alexandria this week. “The EBRD is the first international financial institution in Egypt to establish a presence outside of the national capital. The Alexandria team will be working primarily on support for small businesses, building on the success of the EBRD’s European Union (EU)-funded Advice for Small Business Programme, which has already delivered over 600 advisory projects for Egyptian firms.” Egypt is now EBRD’s second biggest partner following Turkey, as it has received loans worth EUR 710 mn, the bank’s Vice President Risk and Compliance and Chief Risk Officer Betsy Nelson said, according to Al Borsa.