The European Bank for Reconstruction and Development fosters private businesses in Egypt
August 13, 2020
The European Bank for Reconstruction and Development (EBRD) is supporting the real economy in Egypt with a US$ 200 million financing package to Banque Misr for trade and for on-lending to small and medium-sized enterprises (SMEs) and private businesses – a key segment of the local economy – impacted by the coronavirus pandemic.
Under this facility, the EBRD will provide a US$ 100 million loan to enable Banque Misr to provide short-term financing to private SMEs and corporates facing liquidity strains due to a decrease in their activities and turnover caused by Covid-19.
In addition, the Bank is increasing an existing trade finance limit to Banque Misr by US$ 100 million under the EBRD’s Trade Facilitation Programme (TFP), in order to help meet the increased demand for import and export transactions.