Al Baraka Bank may borrow $55mln from IFC to back MSMEs: Egypt

Al Baraka Bank may borrow $55mln from IFC to back MSMEs: Egypt

Al Baraka Bank is considering a loan worth $55 from the International Finance Corporation (IFC) to support local and women-owned micro, small and medium size enterprises, the IFC announced on August 1st.

The loan will be divided into a one-year Working Capital Structure (WCS) for up to $50 million that will be renewed twice for a total term of 36 months.

This is in addition to a trade finance facility of up to $5 million to Al Baraka Bank Egypt.

No final agreement has been reached yet, as the matter is still being studied by both sides.

Established in 1980, Al Baraka Bank offers retail, corporate, treasury, and investment banking services that are applied in accordance with the principles of the Islamic Sharia. It contributes to the finance of small and medium enterprises (SMEs).

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