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TunisiaEgypt: Team Europe – EIB and Banque Misr work together to support private businesses and speed up the recovery of SMEs from COVID-19
The European Investment Bank is providing Banque Misr with a €425 million credit line to support Egyptian private small and medium-sized enterprises that have been impacted by the coronavirus pandemic, and boost their ability to lead the economic recovery in the country. The credit line will finance investment projects, as well as working capital needs, in productive and service sectors, thus sustaining growth and employment while helping to mitigate the economic and social impact of the COVID-19 crisis.
The EIB financing forms part of the EIB contribution to the Team Europe response to the COVID-19 crisis in the European Union partner countries. It is consistent with the objectives of the External Lending Mandate (2014-2020) and the EU cooperation with Egypt as set out in the EU Single Support Framework for Egypt for the period 2017-2020, as well as the EU-Egypt Partnership Priorities, in that it aims to support private sector development with a focus on SMEs, increased competiveness, job creation and financial inclusion.
Since 2015, the EIB has provided €3.9 billion in support of Egyptian SMEs and mid-caps through 15 operations, accounting for about a third of the Bank’s portfolio in Egypt.
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Countries covered:
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Egypt
