Al Baraka Bank is currently exploring the possibility of obtaining a loan of $55 million from the International Finance Corporation (IFC) to bolster local and women-owned micro, small, and medium-sized enterprises (MSMEs), as announced by the IFC on Tuesday.
The proposed loan would be structured as a one-year Working Capital Structure (WCS) for up to $50 million, with the option of renewal twice, resulting in a total term of 36 months. Additionally, a trade finance facility of up to $5 million to Al Baraka Bank Egypt is being considered, although an agreement has not been finalized yet, and the matter is still under study.
Established in 1980, Al Baraka Bank offers a wide range of banking services, including retail, corporate, treasury, and investment banking, all operating in accordance with the principles of Islamic Sharia. The bank has actively contributed to the financing of small and medium-sized enterprises (SMEs), and this potential loan from the IFC would further support its efforts in facilitating the growth and development of local MSMEs.
