European Investment Bank loans Banque Misr $500 mln to fund Egypt SMES

The European Investment Bank (EIB) has agreed to loan Egypt’s Banque Misr a $500 million package to fund small and medium-sized enterprises (SMEs), the Egyptian bank’s deputy chairman Akef El-Maghraby told Al-Ahram Arabic news website on Saturday.

El-Maghraby said that the package will greatly contribute to funding for SMEs given its low interest rate and long intervals for debt repayment.

According to EIB, a total €890 million were slated for Egypt in 2016 under the EIB’s commitment to support the economic and social development of Mediterranean partner countries.

Source: Ahram Online