EBRD Provides US$100 Million Loan to Banque Misr for Small Business Support in Egypt

EBRD Provides US$100 Million Loan to Banque Misr for Small Business Support in Egypt

(IN BRIEF) The European Bank for Reconstruction and Development (EBRD) has approved a US$100 million loan to Banque Misr in Egypt, aimed at supporting micro, small, and medium-sized enterprises (MSMEs). The funding will enable Banque Misr to expand its operations beyond Greater Cairo, providing increased access to medium-term financing for underserved Egyptian MSMEs. Banque Misr, Egypt’s second-largest bank, has been partnering with the EBRD since 2017 and has previously received loans for small business support, trade finance, and green financing. The EBRD’s investment in Egypt since 2012 totals over €10.3 billion across various projects.

(PRESS RELEASE) LONDON, 18-Jul-2023 — /EuropaWire/ — The European Bank for Reconstruction and Development (EBRD) is supporting the resilience of the real economy in Egypt with a US$ 100 million loan to Banque Misr for on-lending to local micro, small and medium-sized enterprises (MSMEs).

The loan will help to fund the expansion of Banque Misr’s activities outside of the Greater Cairo region and increase the availability of medium-term funding for Egyptian MSMEs, which remain underserved.

Banque Misr was established in 1920 and is the second-largest bank in Egypt. It has been a partner of the EBRD since 2017, when it signed its first small business loan, followed by a trade finance facility in 2018, a US$ 200 million financing package for trade and on-lending to SMEs in 2020 and a US$ 100 million loan for green financing in 2022.

Egypt is a founding member of the EBRD. Since the start of its operations there in 2012, the EBRD has invested more than €10.3 billion in 164 projects across the country.

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SOURCE: EBRD