EBRD Approves $532 Million Funding for Egypt’s Private Sector Development

The European Bank for Reconstruction and Development (EBRD) has granted Egypt’s private sector a total of $532 million in concessional development financing through collaboration with multilateral and bilateral development partners. The decision was announced on Wednesday, emphasizing the EBRD’s commitment to supporting inclusive and sustainable growth in the country.

Among the allocated funds is a $100 million financing package for Banque Misr, aimed at bolstering their capacity to provide funding to micro, small, and medium enterprises (MSMEs). This initiative seeks to promote inclusive economic development and support the growth of these vital sectors.

The funding aligns with the pillars of the country strategy between Egypt and the EBRD for the period from 2022 to 2027. The strategy outlines key areas of focus and cooperation between the two parties to drive economic progress and enhance the business environment in Egypt.

In a significant development, Rania Al-Mashat, Egypt’s Minister of Cooperation, was present during the signing ceremony with the International Finance Corporation (IFC) in March. The signing marked a collaboration to provide an additional €25 million for the fund, underscoring the international support for Egypt’s private sector development. The IFC Vice President, Sergio Pimenta, visited Egypt on this occasion.

The approved funding from the EBRD and the IFC further demonstrates the international community’s confidence in Egypt’s private sector and its potential for growth and contribution to the country’s overall economic development. These investments will facilitate access to financing for MSMEs, promoting entrepreneurship, job creation, and fostering sustainable economic expansion.

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