The European Bank for Reconstruction and Development (EBRD) has stepped up its support for the economic development of Egypt, with the opening of an office in Alexandria today which will have a major focus on the promotion of small and medium-sized enterprises (SMEs).

The Alexandria team will be working primarily on support for small businesses, building on the success of the EBRD’s European Union (EU)-funded Advice for Small Business Programme, which has already delivered over 600 advisory projects for Egyptian firms.

SMEs are a priority for the EBRD in Egypt as they are a major source of job creation. Access to finance for SMEs remains a major challenge. In addition to the SME work, the EBRD will also seek opportunities to help modernise public utilities in Alexandria from its new office.