SME Development Authority in talks with EU and EIB for EUR 87 mn in funding

The SME Development Authority is in talks with the EU and the European Investment Bank (EIB) for a combined EUR 87 mn in loans to finance projects, Amwal Al Ghad reports. The authority is currently in talks with the EIB for EUR 60 mn — EUR 45 mn of which would be dedicated to financing new projects, and EUR 15 mn for scholarships. Talks with the EU involve EUR 27 mn in financing to develop local talent. The authority is also in talks with the World Bank over a USD 200 mn loan, and with Germany’s state-owned development bank KfW for a separate USD 100 mn package. It expects the agreements to be concluded by the end of 2018.