HSBC, Reefy sign EGP 150m revolving facility for Egyptian women-led MSMEs

HSBC, Reefy sign EGP 150m revolving facility for Egyptian women-led MSMEs

Agreement supports CBE aim to raise microbusinesses, SME sector contribution to formal economy, women empowerment HSBC Bank Egypt and Reefy Microfinance Enterprise Services, CI Capital Holding for Financial Investments' microfinance subsidiary, have signed a collaborative agreement to provide EGP 150m to microbusinesses in Egypt. A total of one-third of the funding will be allocated to women-led small- and medium-sized enterprises (WSMEs). As part of the agreement, microbusinesses will have access to long-term financing at a competitive interest rate. The agreement provides additional support to initiatives unveiled by the Egyptian Government and the Central Bank of Egypt (CBE) to boost the micro, small and medium sized enterprise (MSME) sector. The sector is widely regarded as the backbone of the country's economy. The CBE classifies WSMEs as SMEs that are 51% or more owned by women, or SMEs that are 20% or more owned by a woman, with at least one woman holding a senior executive role. Helmy Ghazi, Managing Director and Head of Global Banking at HSBC Egypt, said, "We are proud to partner with Reefy on this powerful initiative to empower female entrepreneurs, and combine our experience with that of Reefy's to deliver innovative financing solutions for microbusinesses in the