EBRD is providing a $75m loan to Banque Misr to support the growth and development of small and medium sized enterprises (SMEs) in Egypt.
SMEs account for over 90 percent of enterprises in Egypt and contribute to the majority of total employment in the country. However, access to finance for SMEs remains limited, and improving this situation has become a top priority for the authorities.
The EBRD credit line to Banque Misr will increase the availability of funding for SMEs by reaching out to new clients and regions outside the Greater Cairo region and Alexandria.
Sir Suma Chakrabarti, EBRD president, said, “Small businesses are the backbone of the economy, and increasing the availability of finance for this sector will contribute towards making the country’s economy more competitive and resilient.”
Mohamed El Etreby, chairperson of Banque Misr, said, “The cooperation between Banque Misr and EBRD will support our strong objective to sustain the development of Egyptian SMEs, providing them with the financial resources to expand their businesses.”
Photo caption: Sir Suma Chakrabarti with Egyptian Minister of Investment and International Cooperation Sahar Nasr and Banque Misr’s Mohamed El Etreby, Akef Maghraby, and Effat Ishak
