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TunisiaEBRD and EU support MSMEs in Egypt
The European Bank for Reconstruction and Development (EBRD) is providing a financial package of up to US$ 50 million to the National Bank of Kuwait Egypt SAE (NBK Egypt), to support micro, small and medium-sized enterprises (MSMEs) in Egypt.
The package comprises a loan of US$ 40 million that NBK Egypt will on-lend to local private MSMEs and a US$ 10 million loan under the EBRD Youth in Business programme, co-financed with EU funds under the Egypt Micro and Small Financial Inclusion programme, to be on-lent by NBK Egypt to local private MSMEs that are led or majority owned by entrepreneurs under the age of 35.
The EBRD’s Youth in Business loan component will be complemented by up to US$ 1 million in the form of first-loss risk cover provided by the European Union (EU) under its Egypt Micro and Small Financial Inclusion programme.
A comprehensive technical cooperation package, focusing on staff training and skills development, will accompany both loans. It will assist NBK Egypt with programme implementation, marketing and general awareness raising, in-person and digital training, mentoring and product development, as well as advisory services, with the aim of strengthening entrepreneurial skills and mindset.
Countries covered:
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Egypt
