MedaFinance 2017 presents over 23 billion Euro of grants, technical assistance and soft loans for the Mediterranean private sector

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Cairo, April 11, 2017 - The Association of the Mediterranean Chambers of Commerce and Industry (ASCAME) has organized this week the 4th edition of the international MedaFinance 2017 forum in Cairo, Egypt. Following the attacks on Coptic churches in the country last Sunday, this forum has been a strong condemnation of violence and a commitment to the economic and social development of the Euro-Mediterranean region as a counterweight to terrorism and regional and global extremism.

The event, organized by ASCAME together with the Confederation of Egyptian European Business Associations (CEEBA), Federation of Egyptian Chambers of Commerce FEDCOC and the Federation of Egyptian Industries(FEI) , as part of the European project EUROMEDInvest, has been attended by Egyptian government representatives such as the Minister of Industry and Foreign Trade, H.E. Tarek Kabil, the Minister of Investment and International Cooperation, H.E. Dr. Sahar Nasr, the Minister of Tourism, Yehia Rashed, and Minister of Planning and Administrative Reform, Ashraf El-Araby; as well as representatives of the European Commission and its General Directorate of Neighborhood Policy And Enlargement Negotiations Christian Danielson.

Speakers in the event included international financial institutions such as the European Investment Bank (EIB), the World Bank or the European Bank for Reconstruction and Development (EBRD), as well as non-financial institutions such as GIZ, USAID and UNIDO have presented their respective projects of investment, business cooperation and financing carried out in Egypt. A wide range of investment opportunities and business models have been exposed among the attendees, as well as good practices already implemented at local and regional level. As an example of the above, mention might be made of the non-banking instruments (as the best way to support SMEs without collaterals through leasing, venture capital, Etc.), as well as grants highlighting EU regional and cross border cooperation and programs by USAID, Swiss, Italian, and Japanese aid. As the Minister of Investment and International Cooperation, Dr. Sahar Nasr, has stressed during the meeting, "Egypt is a country with huge investment opportunities."

The main reflection in the forum has been that larger business cooperation and financial support for SMEs will contribute to a greater economic and social development of the country and the region, thus constituting a vital instrument for combating terrorism and extremism.

As Christophe Lucet of the EIB has remarked, "we firmly believe that peace and stability will come from shared regional growth."

The Forum has closed its fourth edition with a strong commitment on the part of the countries of the region together with the European Union to work closely with Egypt to improve its investment environment and to act in a coordinated way to combat terrorism and terrorism and commit to the regional development and stability.

 

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