European Bank for Reconstruction and Development supports Egypt’s real economy
June 25, 2020
The European Bank for Reconstruction and Development (EBRD) is reinforcing its support for the Egyptian economy with a US$ 100 million loan to Commercial International Bank (CIB), a longstanding partner bank of the EBRD.
The financing is part of the EBRD’s response to help mitigate the impact of the coronavirus pandemic through its partner banks. This credit line will help CIB provide short-term loans to private small and medium-sized enterprises and corporations facing liquidity strains due to a decrease in their activities and turnover caused by the crisis.
In response to the coronavirus pandemic, the EBRD now expects to dedicate the entirety of its activities in 2020-21 to combating the economic impact of the crisis and stands ready to provide support worth €21 billion over that period to help the 38 emerging economies where it invests.
Egypt is a founding member of the EBRD. Since the start of its operations there in 2012, the Bank has invested close to €6.5 billion in 115 projects in the country.