The European Bank for Reconstruction and Development (EBRD) has approved a $100 million loan for Banque Misr to facilitate lending to local micro, small, and medium-sized enterprises (MSMEs), as announced in a statement on Monday. The loan’s objective is to bolster the resilience of Egypt’s real economy and assist in the expansion of Banque Misr’s operations beyond the Greater Cairo region. Additionally, it aims to enhance the availability of medium-term financing options for MSMEs in Egypt.
The EBRD’s funding will play a crucial role in supporting the growth and development of Egyptian MSMEs, which are key drivers of the country’s economy. By providing increased access to finance, the loan will enable MSMEs to expand their activities, invest in new projects, and create employment opportunities.
Banque Misr, one of Egypt’s leading banks, will act as the intermediary, channeling the funds to local MSMEs. The bank’s extensive network and expertise in serving small businesses will help ensure the efficient and effective distribution of the loan to the target beneficiaries.
This financial support from the EBRD aligns with its mandate to promote sustainable economic development and private sector growth in the regions where it operates. The loan represents the bank’s commitment to fostering an enabling environment for MSMEs and driving inclusive economic growth in Egypt.
The loan agreement between the EBRD and Banque Misr underscores the ongoing partnership between the two institutions, as they work together to strengthen the financial ecosystem and promote entrepreneurship in Egypt. The funds provided by the EBRD will contribute to unlocking the potential of MSMEs, enhancing their competitiveness, and fostering a thriving business environment in the country.
