EBRD supports Egypt’s private sector with $532 mln

The European Bank Reconstruction and Development (EBRD) approved on Wednesday to grant Egypt’s private sector up to $532 million to provide concessional development financing via cooperation with multilateral and bilateral development partners.

The funding included $100 million for Banque Misr to enhance financing directed to micro, small and medium enterprises (MSMEs) in a way that supports inclusive and sustainable growth.

The fund aims to meet implement the pillars of the country strategy between Egypt and the European Bank for Reconstruction and Development (EBRD) from 2022-2027.

It is worth mentioning that Rania Al-Mashat, Minister of Cooperation witnessed a signing with the International Finance Corporation (IFC) last March to provide €25 million for the fund during the visit of the IFC Vice President Sergio Pimenta.