When Heike Harmgart, Managing Director for the Southern and Eastern Mediterranean (SEMED) region at the European Bank for Reconstruction and Development (EBRD), assumed her current role in January 2020, she had no idea of the formidable challenges that lay ahead as the global pandemic loomed. Yet, she saw it become a stellar year, with the bank’s annual investment for the SEMED region hitting a record-breaking $2.6 billion in 2020.
“At the beginning, I thought it would be the easiest move on the planet, but the global pandemic made it a challenging step,” she remembers. Now, it seems 2024 will be a challenging year for Harmgart again, as the impacts of the war in Gaza, along with the increased insecurity caused by attacks on vessels in the Red Sea, cause ramifications across regional economies and trade through the Suez Canal.
Cairo-based Harmgart – who oversees approximately 250 people, with women comprising 47% of the regional office – credits curiosity, excitement about people and work, and a positive outlook as the key drivers of her success in safely navigating hard times. In 2020, regional and global economies were under tight pressure, but EBRD allocated a significant portion of its funding towards emergency financing, resulting in the SEMED region’s record year. In 2021, funding levels reverted to $1.7 billion, while 2022 witnessed a resurge to over $2.6 billion. Total investments in 2023 reached $2.1 billion.
The regional director currently has six economies in her remit: Morocco, Tunisia, Egypt, Jordan, Lebanon, and the West Bank and Gaza, with an annual business volume of over $2.2 billion and 50% of projects with a gender-inclusive component.
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