The Secretariat of the Union for the Mediterranean witnessed the signing of a memorandum of understanding among credit guarantee agencies from: Morocco, Tunisia, Egypt, Jordan Palestine and Lebanon, launching the Euro Mediterranean Guarantee System Network. This MoU is the first step towards the crystallization of an upcoming project entitled Euro-Mediterranean Guarantee Network (EMGN).
The objective of the EMGN project will be to facilitate training, exchange of best practices to improve the institutional environment, as well as research and studies on the feasibility to foster Counter-Guarantee Funds to support MSMEs in the Mediterranean Partner Countries. To promote research and analytical tools to create guarantee instruments in particular those which are dedicated to micro and small and medium sized enterprises, and which fall under the interest of the parties.
The Memorandum of Understanding was signed among high level representatives from various Mediterranean countries and under the auspices of the Secretariat of the Union for the Mediterranean.