Egypt : first investment delivered under European Bank for Reconstruction and Development coronavirus Solidarity Package
May 13, 2020
The European Bank for Reconstruction and Development (EBRD) is rolling out a programme in response to the economic impact of the coronavirus pandemic in Egypt, with a financial package for QNB ALAHLI, one of the country’s largest commercial banks, to support local enterprises.
This is the first investment to be delivered in the country under the EBRD’s coronavirus Solidarity Package, which was set up to meet the immediate short-term financing needs of existing clients.
The EBRD is extending a US$100 million senior loan to QNB ALAHLI for on-lending to firms, with a special focus on small and medium-sized enterprises (SMEs) that are experiencing a decrease in their activities, turnover and/or profitability. Small businesses form an important segment of the Egyptian economy and supporting them in these challenging times remains a priority for the EBRD.
In addition, the Bank is increasing an existing uncommitted trade finance limit for QNB ALAHLI by US$ 100 million under the EBRD’s Trade Facilitation Programme to reach US$ 250 million, to help meet the increased demand for import and export transactions.
Egypt is a founding member of the EBRD. Since the start of its operations there in 2012, the Bank has invested over €6 billion in 115 projects in the country.