Excerpts: EBRD gives 1 billion euros promoting democracy 19 May 2012

SOURCE: Egyptian Gazette 19 May '12:"EBRD backs EUR1 b fund for 'Arab
democracies'",Agence France Presse

SUBJECT: EBRD gives 1 billon euros promoting democracy

QUOTE: "EBRD. . .investment of 1 billion euros . . .into north Africa, and
the Middle East"

EXCERPTS:The European Bank for Reconstruction and Development on Saturday
approved investment of 1.0 billion euros for expansion into north Africa and
the Middle East under its first British president.

After years concentrating mainly on investment in private-sector firms
across the former Soviet bloc, the EBRD said it was extending its reach in
the wake of the Arab Spring uprisings.
It is planning an initial investment equivalent to $1.28 billion in Egypt,
Morocco, Tunisia and Jordan, although it stressed that it would continue .
. .: "The EBRD's shareholders agreed on Saturday[17 May] to the creation of
a 1.0 billion euro special fund to start investments in emerging Arab
democracies in response to the wave of political change in parts of the
Middle East and north Africa.
"The fund is being financed out of the Bank's reserves and will allow the
Bank to start operations as a prelude to full-scale investment in the new
region after an extension of the EBRD's geographic remit has been ratified."
It added in a statement: "The EBRD is planning to invest specifically in
Egypt, Morocco, Tunisia and Jordan. It has opened preliminary offices in all
four of these countries, appointed a managing director for the region and
hired additional staff with regional experience."
The EBRD said it would focus on the development of the private sector in
those countries, fostering the growth of small and medium-sized enterprises,
with the first projects likely to be concluded around September.
"The Bank expects to be able to eventually invest up to 2.5 billion euros a
year in the new region, while not detracting from investments in its
existing countries of operations, where funding totalled 9.1 billion euros
in 2011," it added.
. . .
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Sue Lerner - Associate, IMRA