EIB, Banque Misr sign €425 million loan to support Egypt SMEs

Banque Misr has signed on Tuesday a loan agreement worth €425 million ($515.2 million) with the European Investment Bank (EIB).

The funding is the first tranche of a €750 million loan to be on-lent to small- and medium-sized enterprises (SMEs), the Egyptian bank added in a statement.

The six-year loan will help SMEs navigate the repercussions of coronavirus pandemic.

The second tranche agreement is expected to be signed by the beginning of 2022.