EBRD lends $700 mln to help Egyptian SME businesses

The European Bank for Reconstruction and Development (EBRD) will lend nine Egyptian banks $700 million to help finance small and medium-sized businesses, a senior official said on Monday.

The National Bank of Egypt (NBE), Banque Misr, QNB AlAhli, and AlexBank are among those banks to receive EBRD’s financing, said EBRD regional manager for SME finance and development Reem El Saady said at a conference in Cairo.