EBRD greenlights $532mln funding for Egypt’s private sector

EBRD greenlights $532mln funding for Egypt’s private sector

The board members of EBRD also greenlighted a $100 million funding for Banque Misr to boost financing directed to micro, small, and medium enterprises (MSMEs), according to an official statement. Furthermore, the European lender granted new financing for the Mediterrania Capital IV Fund at a value of EUR 30.20 million, equivalent to $32.50 million. Rania El-Mashat, Egypt’s Minister of International Cooperation, highlighted that the development financing aims to anchor sectors across the Arab Republic, especially small and medium-sized enterprises (SMEs). The funding will also be used to combat climate change, secure job opportunities, and stimulate the private sector in general. Last year, EBRD endorsed Egypt’s private sector with EUR 737 million to back SMEs. The bank’s total investments in Egypt hit EUR 1.30 billion in 2022. Since the beginning of the EBRD's operations in Egypt in 2012, investments surpassed EUR 10 billion to implement 163 projects, more than 78% of which are directed to the private sector. Source:MubasherReserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (Syndigate.info).