Banque du Caire pens $100M deal with IFC to support MSMEs, trade

Updated 5/12/2024 2:07:00 PM
Banque du Caire pens $100M deal with IFC to support MSMEs, trade

Arab Finance: Banque du Caire and the International Finance Corporation (IFC) have signed a $100 million deal aimed at supporting micro, small-, and medium-sized enterprises (MSMEs), particularly those helmed by women entrepreneurs, as per a statement.

Under the deal, $50 million of the funds will be directed to back MSMEs, while the other $50 million will be used to finance trade endeavors through the IFC's Global Trade Finance Program.

This deal was sealed on the sidelines of the IFC Day, taking place in Cairo, with the presence of Prime Minister Mostafa Madbouly, Minister of International Cooperation and Governor of Egypt at the World Bank Rania Al-Mashat, and Governor of the Central Bank (CBE) Hassan Abdalla, among other key ministers and officials.

Moreover, the government has signed an advisory services agreement to back the Universal Health Insurance in Egypt to bolster health services accessibility for all citizens. 

Additionally, Al-Mashat highlighted that Egypt has successfully allocated $900 million in concessional loans from development partners, $400 million of which is from the World Bank, $181.6 million from the French Development Agency, and $326.7 million from Japan.

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