EBRD moves closer to engaging in North Africa, Middle East

A flag bears the European Bank for Reconstruction and Development logo. The bank will start to offer economic assistance to countries in North Africa and Middle East. Photo by: Andy Lane / EBRD

The European Bank for Reconstruction and Development may start investing in Tunisia as early as September, the bank’s chief said last week, while visiting the African country.

This is part of EBRD’s plan to expand its mandate to include North Africa and Middle East, where it is expected to offer economic assistance similar to what it provides to Eastern European countries.

“We are aware of the needs of countries in transition and we can offer our expertise and our ‘know how’ to Tunisia,” EBRD President Thomas Mirow said in a press release.

At its annual meeting in London later this month, EBRD is set to ask stakeholders to finalize the €1 billion ($1.3 billion) special fund that will kick-start these investments. EBRD is expected to invest the funds in the following areas: private sector development, financial sector improvement and small and medium-sized enterprises development.

Find EBRD projects and tenders. Read more development aid news online, and subscribe to The Development Newswire to receive top international development headlines from the world’s leading donors, news sources and opinion leaders — emailed to you FREE every business day.

About the author

  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.