EBRD offers $25mln in finance to SMEs in Egypt through EBank

EBRD offers $25mln in finance to SMEs in Egypt through EBank

The European Bank for Reconstruction and Development (EBRD) is stepping up its support for small and medium-sized enterprises (SMEs) in Egypt with a financing package worth $25m for the Export Development Bank of Egypt (EBank).

The EBRD is partnering with the EBank for the first time. It will provide a financing package of an uncommitted multi-currency Trade and Facilitation Programme (TFP) limit of up to $10m. The TFP limit will help with the issuance of guarantees in favour of confirming banks to support trade finance instruments issued by EBank and to provide cash advances to fund trade-related loans to private companies for pre-export, post-import financing and the distribution of imported goods.

The EBRD financing package also includes two senior unsecured loans of up to $15m in total. The first is for up to $5m under the Women in Business (WIB) Programme, which will assist the EBank in lending to women-led SMEs in Egypt. The EBank staff will also receive training and capacity-building opportunities to better serve the financial needs of women-led SMEs. In addition, women entrepreneurs will benefit from advisory services and know-how through the EBRD’s Advice for Small Businesses programme.

As part of the WIB loan, the European Union Initiative for Financial