EBRD approves $100mln loan package to Egypt’s CIB to cushion the impact of coronavirus

European Bank for Reconstruction and Development (EBRD) has approved a $100m support loan package to address the ramifications of the COVID-19 pandemic.

The loan packages were designed to hedge against any currency weakness in the future.

The proposed loan will be on-lent to local private Small and Medium Enterprises (SMEs), and to Corporates, supporting them in bridging liquidity needs that may arise as a result of the pandemic.

The project will also help CIB maintain its competitiveness in terms of providing lending to SMEs and private corporates in Egypt.