The Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank (IsDB) group, signed a letter of intent with Banque Misr today to provide a $30m financing line dedicated to supporting small and medium enterprises (SMEs) in Egypt.
The ceremony took place in the presence of high-ranking Egyptian officials, including the Ministers of Planning and Economic Development, Supply and Internal Trade, and Petroleum and Mineral Resources.
The agreement marks a continuation of the successful partnership between ICD and Banque Misr, which began in 2017 with a $25m financing line. This new initiative aligns with ICD’s goals in Egypt to increase access to finance for SMEs, foster job creation, and empower youth and women entrepreneurs.
“Banque Misr is a valuable customer for ICD,” said Hani Salem Sonbol, Acting CEO of ICD. “This new financing line builds upon our successful partnership and aligns with our goals in Egypt. These funds will demonstrably contribute to economic growth, job creation, and development across various sectors.”
Since its inception, ICD has provided $315m in financing to Egypt, supporting private sector companies, financing lines to banks, and direct investments. These funds have demonstrably contributed to economic growth, job creation, and development across various sectors, including energy, food, and industry.
“This agreement is a step within the framework of Banque Misr’s strategy to support and assist projects of all categories, particularly SMEs,” said Mohamed EL-Etreby, Chairperson of Banque Misr. “We are keen to expand financing for the project sector, believing it to be the engine and pillar of economic growth.”
