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

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.