EIB extends EUR750mln to Banque Misr to on-lend to SMEs

The European Investment Bank  passed a facility worth EUR750mln to Egypt’s Banque Misr to on-lend to SMEs, according to an Minister of International Coopration Dr. Rania Al-Mashaat.

While helping mitigate Coronavirus-induced ramifications, the facility will finance small, medium, and medium-sized enterprises nationwide, she added.

Back in July, EIB  approved a facility worth EUR1.9bn to on-lend to SMEs and transports sector.

Dr. Al-Mashaat underscored the importance of the partnership sealed with EIB, considering it a major driver for Egypt's development efforts for both private and governmental entities.

"EIB's loans extended to local banks this year are the biggest in the history of collaboration between the two sides, as EIB provided previously up to EUR800mln facility to the National Bank of Egypt, and USD100mln to Banque Du Caire."

Bilateral strategic relations between Egypt and EIB, dating back to 1979, resulted in setting up a plethora of projects with the aim of bolstering social and economic development and creating job opportunities.

Loans extended by EIB to Egypt's private and governmental firms  amounted to EUR10.6bn over the years.