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EBRD eyes expansion in Mena region

22 May 2011

The European Bank of Reconstruction and Development, which funds projects in Eastern Europe and the former Soviet states, is set to start expanding to North Africa and the Middle East next year, Reuters has reported. "We are quite confident that it should be indeed possible to start with initial liquidities as of spring 2012," EBRD chief Thomas Mirow said. It is already considering Egypt as a potential country of operations after the country's interim government submitted a request to start lending to small- and medium-size businesses. The bank plans to invest €2.5bn ($3.54bn) in the region per year, Mirow said.

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