EIB supports Egyptian SMEs with 36 million euro
The European Investment Bank (EIB) will grant over 36.44 million euro to support small and medium sized industry and technology projects and environmental feasibility studies in Egypt. The financing arrangements include a 30 million euro global loan to support Egyptian small and medium sized enterprises (SMEs), particularly those expanding or developing new products and markets. A six million euro risk capital facility from the EU will support the development of Egypt's information technology industry. The capital, given to the Middle East Technology Fund (METF), will be used for investments in the equity of private companies in the information technology sector, including software, media, telecommunications and related industries in Egypt and Turkey. A grant of 90,000 euro will finance a study to examine the management of agricultural solid waste disposal, requested by Dr Atef Obeid, Prime Minister of Egypt. Economically and technically viable solutions which are consistent with sustainable agro-economic practices will be sought.