The European Bank for Reconstruction and Development increases its direct lending to women-led micro, small and medium-sized enterprises
November 6, 2019
Under the Bank’s Women in Business (WiB) programme in Egypt, a US$ 5 million loan in local currency to Tanmeyah Microenterprise Services will increase access to finance for women-led micro, small and medium-sized enterprises (MSMEs) which remain an underserved segment in Egypt. This loan will help Tanmeyah introduce new financial products, modified lending practices and business models that are more inclusive and gender-responsive. Tanmeyah will also implement a digital transformation strategy.
Supported by funds from the European Union Initiative for Financial Inclusion, Tanmeyah will benefit from internal capacity-building and skills development to more accurately understand and serve the financial needs of women-led MSMEs. In addition, capacity-building and advisory services will be delivered directly to women-led MSMEs under the programme to support women entrepreneurs’ know-how, in conjunction with EBRD Advice for Small Businesses.
Egypt is a founding member of the EBRD. Since the start of its operations in the country in 2012, the Bank has invested over €5 billion in 99 projects in the country. In 2018, Egypt was the EBRD’s largest economy where the Bank invests, in terms of new commitments.