EIB, Banque Misr to help Egypt-based SMEs post-COVID-19

Monday 4 January 2021 14:46 CET | News

The European Investment Bank has provided Banque Misr with a EUR 425 million credit line to support Egypt-based SMEs to recover from the coronavirus pandemic.

The credit line will finance investment projects as well as working capital needs in productive and service sectors, thus sustaining growth and employment while helping to mitigate the economic and social impact of the COVID-19 crisis. The EIB financing forms part of the EIB contribution to the Team Europe response to the COVID-19 crisis in the European Union partner countries. It is consistent with the objectives of the External Lending Mandate 2014-2020 and the EU cooperation with Egypt as set out in the EU Single Support Framework for Egypt for the period 2017-2020.

Banque Misr is the second largest bank in Egypt with a clear focus on SME lending and a large retail presence across all the governorates. In 2019, Banque Misr served more than 123 000 SMEs across the country. Since 2015, the EIB has provided UER 3.9 billion in support of Egypt-based SMEs and mid-caps through 15 operations, accounting for about a third of the Bank's portfolio in Egypt.

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Keywords: EIB, Banque Misr, Egypt, SME, COVID-19, credit line, coronavirus, pandemic, European Investment Bank, lending, bank
Categories: Banking & Fintech
Countries: Egypt
This article is part of category

Banking & Fintech