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| 18 September, 2018

EBRD to boost investments in Arab countries to $2.92bln in 2018

Investing in Jordan, Tunisia, Morocco and Egypt.

Activists of environmental group Greenpeace wear masks and protective clothing while protesting against anti-nuclear programs outside the office of the European Bank for Reconstruction and Development (EBRD) in Kiev December 7, 2012.
Image for illustrative purposes.

Activists of environmental group Greenpeace wear masks and protective clothing while protesting against anti-nuclear programs outside the office of the European Bank for Reconstruction and Development (EBRD) in Kiev December 7, 2012. Image for illustrative purposes.

REUTERS/Anatolii Stepanov

CASABLANCA, Morocco- The European Bank for Reconstruction and Development (EBRD) aims to boost investments in Arab countries to 2.5 billion euros ($2.92 billion) at the end of 2018 from 2.2 billion in 2017, a senior official said on Tuesday.

The bank, set up by governments in 1991 to support the ex-Communist states of eastern Europe, has expanded its mandate in the past few years to invest in Jordan, Tunisia, Morocco and Egypt.

"Last year we had a record 2.2 billion euros invested in Morocco, Tunisia, Egypt and Jordan," said Janet Heckman, managing director for the southern and eastern Mediterranean region at the bank.

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"Now we have Lebanon and Palestine added to our areas of operation last year," she added without giving details.

EBRD invests in public infrastructure and to help the private sector, especially small and medium-sized enterprises.

($1 = 0.8554 euros)

(Reporting by Ahmed Eljechtimi Editing by Ulf Laessing and Matthew Mpoke Bigg) ((Ulf.Laessing@thomsonreuters.com; Reuters Messaging: follow me on twitter @ulflaessing))