Banque du Caire signs $100 million loan deal with EIB to finance SMEs

Egypt’s state-run bank, Banque du Caire (BDC) announced on Monday it had signed a $100 million loan agreement with the European Investment Bank (EIB), to finance the small and medium-sized enterprises in the country.

Tarek Fayed, chairman and chief executive of Banque du Caire, has expressed his gratitude for the partnership with EIB, the lending arm of the European Union, which reflects a high level of trust in the BDC’s pivotal role in supporting the Egyptian economy.

Banque du Caire is keen to boost and diversify its foreign currency funding resources, directed to finance SMEs for being a cornerstone in the country’s economic growth and sustainable development, Fayed said.

The signing of the agreement also reflects BDC’s strong relations with global multilateral financial institutions for the benefit of Egyptian economy.