IFC provides $234M loan to Banque Misr for privately-owned MSMEs
Updated 10/16/2023 7:16:00 AM
Arab Finance: The International Financial Corporation (IFC) will extend access to finance for privately-owned micro, small, and medium-sized enterprises (MSMEs) in Egypt, including women-led businesses, via a $234 million loan to Banque Misr, the IFC stated.
The deal aims to create job opportunities, boost economic growth, and fill in the gender financing gap.
Half of the loan will be directed toward women-owned MSMEs.
Marking the IFC’s first gender-lens investment in an Egyptian state-owned bank, the loan comprises $190.7 million from the IFC and $43.3 million from IFC's Managed Co-Lending Portfolio Program (MCPP) One Planet.
The project will also access concessional funding via IFC's Global SME Finance Facility.
"Our partnership with IFC will help expand the number of women-led businesses in our SME banking portfolio and boost financial inclusion for women entrepreneurs across the country," Chairman of Banque Misr Mohamed El Etreby commented.
"This investment is further proof of IFC's commitment to enabling the Egyptian government to support its private sector and promote gender equality," IFC Vice President for Africa Sérgio Pimenta said.
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