May 1 The European Bank for Reconstruction and
Development and the private sector arm of the Islamic
Development Bank will launch a $120 million fund to
support small businesses in the southern and eastern
The fund is part of the first agreement between the EBRD and
the Jeddah-based Islamic Corporation for the Development of the
Private Sector (ICD) to help develop small and medium-sized
enterprises in Egypt, Jordan, Morocco and Tunisia.
The fund will extend financing to SMEs using equity and
quasi-equity structures, with the two institutions contributing
capital to the fund and seeking additional institutional
investors and donors, a statement by the ICD said.
The EBRD, the development bank set up in 1991 after the fall
of the Berlin Wall, has been expanding its role to Arab
countries since the region's uprisings in 2011.
Established in 1999, the ICD supports the economic
development of its 51 member countries by financing private
sector projects which follow Islamic principles.
(Reporting by Bernardo Vizcaino; Editing by Andrew Torchia)