EBRD supports Egyptian private sector with $532mln: Al-Mashat

EBRD supports Egyptian private sector with $532mln: Al-Mashat

The European Bank for Reconstruction and Development (EBRD) has approved concessional development financing worth more than $532 million to back the private sector in Egypt, Minister of International Cooperation Rania Al-Mashat announced on July 12th. Accordingly, a total of $400 million in development financing have been approved for the National Bank of Egypt (NBE) to support micro-, small-, and medium-sized enterprises (MSMEs). Banque Misr will get $100 million to back MSMEs in a way that promotes inclusive and sustainable growth. Additionally, a $32.5 million financing for the Mediterrania Capital IV Fund will be earmarked for medium-sized companies in the healthcare, retail, financial services, and manufacturing sectors in Egypt. Since the beginning of its operations in Egypt in 2012, EBRD have made investments of more than €10 billion to implement 163 projects, 78% of which are directed to the private sector. Copyright © 2022 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).