European Investment Bank and Bank of Alexandria sign a €20 million loan in support of local private sector

June 26, 2018
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The European Investment Bank (EIB) and Bank of Alexandria (ALEXBANK) signed a financing agreement for €20 million to support small and medium-sized enterprises (SMEs) and midcaps in Egypt. The operation comes under the EIB’s Economic Resilience Initiative (ERI), aimed at enhancing the prospects for more resilient and inclusive growth, fostering financial inclusion and creating sustainable employment opportunities in the country.

Forming part of the Intesa San Paolo Group, Alexbank is one of Egypt’s leading private sector banks. It provides financial and non-financial services to its clients, including innovative products aiming to support development of local SMEs and reaching out to traditionally underserved categories like women, young people and entrepreneurs in rural areas.

Commenting on the transaction, Flavia Palanza, Director for EU Neighbouring Countries at the EIB, said: “We are pleased to join forces with a new important partner in Egypt. This partnership with Alexbank will contribute to speeding up the delivery of finance to support the investments of small and medium-sized enterprises in Egypt. SMEs play an important role in job creation, innovation and sustainable economic growth. As the bank of the European Union, our aim is to contribute to building a stronger and resilient economy in Egypt – as well as in the region – that creates more jobs. Private sector support in the European neighbourhood region is a priority under the EIB’s Economic Resilience Initiative.”


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Press Release

Economic Resilience Initiative

European Investment Bank (EIB)

Countries covered:

  • Egypt