EU supports Egyptian SMEs
The European Investment Bank (EIB) has arranged a 50 million euro loan with the Industrial Development Bank of Egypt (IDBE) aimed at supporting investment by SMEs (small and medium sized enterprises). The loan will allow IDBE to increase and diversify its long-term funding sources, and to step up its long-term lending, particularly in foreign exchange required for projects promoted by export-oriented SMEs. The European money will also reinforce the development of a competitive SME sector to meet the challenges inherent in the creation of a Euro-Mediterranean free trade area, as foreseen under the Euro-Mediterranean Partnership. The loan is made under the EIB's second Euro-Med mandate covering the period 2000-2006.