The European Investment Bank (EIB)'s lending to nations in the Euro-Mediterranean Investment and Partnership (FEMIP) reached €2.1 billion last year compared to $1.8 billion in 2002.
EIB activity in the Mediterranean meets fully FEMIP’s primary objectives. More than one third of the financing directly promoted the growth of private businesses through Foreign Direct Investment (FDI) in Turkey and Tunisia, joint ventures in Algeria and small and medium-sized enterprises (SME) financing in Egypt, Syria and Tunisia.
Lending also placed emphasis on infrastructure projects, including energy, human capital and environment, underpinning private sector development in Morocco, Algeria, Egypt, Lebanon and Syria.
FEMIP was created to support modernization of the economies of the Mediterranean Partner Countries (MPC). The Brussels European Council agreed in December 2003 to develop FEMIP further and to reinforce its position within the Bank with a number of features in support of private sector development. — (menareport.com)
© 2004 Mena Report (www.menareport.com )