EBRD loans Egyptian Gulf Bank $20 million to boost Egypt SMEs

The European Bank for Reconstruction and Development (EBRD) has provided the Egyptian Gulf Bank a $20 million loan, an official in the EGBank announced Saturday.

The loan is to support the small and medium-sized businesses in Egypt, said Ahmed Nagy – Head of Credit at EGBank – in a press conference.

Although SMEs represent the majority of active private enterprises in Egypt and contribute 75 percent of total employment, access to finance remains a key concern and resolving this issue has become a top priority for the authorities.