Luxembourg, 23/05/2002 (Agence Europe) - Through the intermediary of its financial institution, the EIB, the EU has given its support to the modernisation and development of the activities of Egyptian small and medium-sized companies. This comes in the context of strengthened cooperation with the Mediterranean partner countries, decided at the Barcelona Summit and which should result in the establishment of a Strengthened Euro-Mediterranean Investment Mechanism, to be operational from the autumn of this year. Beneficiaries are mainly SMEs in the industrial sector, agri-foods and services. Egypt is the first country to benefit from EIB financing in the context of the existing Euro-Mediterranean partnership.
This loan of EUR 25 million will be available in the form of venture capital through local financial intermediaries, the Egyptian Bank for Export Development, EFG-Hermes Private Equity, CIIC, the Egyptian Bank for Industrial Development, Egycap and Capexcorp.