European Bank loans National Bank of Egypt $100 mln

The European Bank for Reconstruction and Development (EBRD) announced a new loan of $100 million to the National Bank of Egypt (NBE) to be used for on-lending private Egyptian micro, small and medium size enterprises (MSMEs).

“Half the funds will be specifically channelled to women led and/or owned and young entrepreneurs led and/or owned enterprises, particularly underserved in Egypt,” EBRD’s statement said.

The project will contribute to the Inclusive Transition Impact (TI) quality, as the proceeds of the loan will be on-lent with a specific regional angle, and with a focus on women and young entrepreneurs.