EBRD to back Egypt’s MSMEs, intraregional trade with $705M via local banks
Updated 7/14/2024 8:23:00 AM
Arab Finance: The European Bank for Reconstruction and Development (EBRD) is planning to finance several Egyptian banks with $705 million within the second half (H2) of 2024, Head of Financial Institutions for Egypt Hashem Abdel Hakim told Asharq Business.
This financing includes a sum of $305 million for funding micro, small, and medium-sized enterprises (MSMEs) as well as green energy projects, in addition to $400 million for financing intraregional trade, Abdel Hakim stated.
Additionally, Abdel Hakim noted that EBRD provided around $145 million in financing for three banks and two firms during H1 of 2024 to back small, medium, and sustainable projects.
He added that this sum included $60 million for the Commercial International Bank (CIB), $50 million for Banque du Caire, $25 million for the Export Development Bank of Egypt (Ebank), and $10 million for Reefy and Tasaheel.
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