| Over US$ 22 billion Of lines of credit, grants & technical assistance 1st Euro-Mediterranean Conference & Exhibition for funding in Cairo, 1st of October 2009 | |
| Within the context of the Athens Business Summit "creating bridges across the Mediterranean", inaugurated by Eng. Rachid Mohamed Rachid, the Egyptian Minister of Trade and Industry, Dora Bakoyannis, the Greek Foreign Minister, the grant agreement of the "Meda Finance project" was signed between Dr. Alaa Ezz, Confederation of Egyptian European Business Associations "CEEBA" secretary general, Adham Nadim, Industrial Modernization Center "IMC" executive director, and Bénédict de Saint-Laurent , European Commission "EC" Invest In Med programme director. The signature was witnessed by the leaderships of the project partners, Galal El Zorba, Med Alliance and BusinessMed president, Philippe de Fontaine Vive, European Investment Bank "EIB" senior vice president , Asem Ragab, Anima and Egyptian Investment Authority "GAFI" president, Dr. Murat Yalsintas, Federation of Mediterranean Chambers "ASCAME" president, and Hani Hafez Federation of Egyptian Industries "FEI" managing director. Today, with the Global financial crises, access to finance is the bottle neck prohibiting growth of existing small and medium sized companies "SMEs" as well as the start-up of new investments, said Adham Nadim. The European Commission, the European investment Bank, European Union member states, and bilateral & multi-lateral development banks are already availing a host of grants, technical assistance instruments and more important preferential lines of credit for Mediterranean SMEs. Moreover, a large number of novel instruments are starting in the non-banking finance sector such as factoring, mortgage finance, leasing, etc.. However, SMEs lack sufficient information on the existence of such instruments, as well as their eligibility criteria and how to access them, he added. The grant will be utilized to conduct the first ever survey of all available financial tools and instruments, both targeting Southern Mediterranean enterprises as well as European and foreign enterprises who want to invest in the south, which exceeds US$ 22 Billion, said Dr. Alaa Ezz. The result will be presented in a study format inclusive eligibility criteria, and where and how to apply, as well as an interactive matrix by type, sector and country. That will be followed by a regional conference and exhibition on the 30 of September and 1st of October in Cairo. The Conference will get together the leadership of Euro-Mediterranean business organizations & SMEs and will be addressed by senior representatives of the EC, EIB, EU member states & multilateral aid organizations and development banks inclusive France, Germany, Italy, Netherlands, Denmark, Spain. USA, Canada, and Japan, as well as World Bank, African Development Bank and Arab and Islamic Development Funds besides the new non-banking financial instruments that are emerging in the region, explained Alaa Ezz. The outcome of this project shall be instrumental in promoting investments in the whole Mediterranean Region and speeding their realization and growth, said Asem Ragab. The inclusion of non-banking financial instruments will further promote that booming sector which will have a profound impact on the maturity and outreach of the financial sector he added. Meda Finance project is co-funded by the EC through its regional project "Invest In Med", and implemented by CEEBA, FEI, the German Arab Chamber of Industry & Commerce, GAFI and BusinessMed & its members, the Euro-Mediterranean Federations of Industries, explained Hany Hafez. During the event BusinessMed shall present the "Mar Nostrum" award (Mediterranean Blue) to Philippe de Fontaine Vive, the "EIB" senior vice president for his visible role in promoting investments in the Mediterranean Region as EIB is the number one investor in the region with over Euro 8.5 billion since he took office in 2002, added Hany Hafez . For more information please contact magicx@ahk-mena.com, Tel.: 02 333 68 183, ext. 514, 516, 521 |
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