EBRD Approves USD 532 Million to Finance Egypt's Private Sector

The European Bank for Reconstruction and Development (EBRD) has approved more than USD 532 million in soft development financing for private sector institutions in Egypt. The financing includes USD 400 million for the National Bank, USD 100 million for Banque Misr, and EUR 30 million euros for the Mediterrania Capital Fund.

The financing for Banque Misr aims to enhance financing for micro, small, and medium enterprises (MSMEs) in a way that supports inclusive and sustainable growth, and to increase financing for MSMEs in areas with less access to financial services.

The financing for the Mediterrania Capital Fund aims to direct investments of EUR 350 million in medium-sized companies in the healthcare, retail, financial services, and manufacturing sectors in Egypt, Tunisia, and Morocco, with a focus on companies led by women to enhance their access to economic opportunities.

"The Ministry of International Cooperation is keen to place the private sector as a main and effective pillar in all strategies with multilateral and bilateral development partners and international institutions, especially in implementing the country's priorities aimed at expanding the base of private sector participation," H.E. Dr. Rania Al-Mashat, Minister of International Cooperation, explained.

The financing will provide a much-needed boost to the private sector in Egypt, especially MSMEs, which have been hit hard by the COVID-19 pandemic.