Reinhold Brender, the deputy head of the European Union’s delegation to Egypt, said that the European Bank for Reconstruction and Development (EBRD) has allocated 1.5bn euros to support small and medium enterprises (SMEs) during the next four years.
He said in a press conference that the bank has a program which will be implemented within days targeting to develop the environment for small companies to invest and improve throughout the year.
He pointed out that the growth of small and medium-sized companies is an important factor for any sector until the financial integration in the formal economy.
He said that the Mediterranean region has more than 6 million small and medium-sized projects, which represent the backbone of these economies.
