Banque Misr to secure $260M loan from IFC for MSMEs
Updated 5/29/2023 9:39:00 AMArab Finance: The International Finance Corporation (IFC) is considering offering a five-year senior loan of up to $260 million to Banque Misr to finance micro, small, and medium-sized enterprises (MSMEs), especially women-owned businesses, IFC announced.
The IFC will provide $216.7 million of the total financing, while its Managed Co-Lending Portfolio Program (MCPP) will fund the remaining amount of $43.3 million.
The loan is scheduled to be signed off on June 30th.
The IFC will also back the development and implementation of an Environmental and Social Management System (ESMS) to address the environmental, social, and governance (ESG) risks.
It is worth noting that the European Bank for Reconstruction and Development (EBRD) will provide Banque Misr with an unsecured loan worth up to $100 million to support the latter’s lending activities and expand it access to finance MSMEs.
The EBRD revealed that the loan is subject to approval during the final review scheduled on May 31st.
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