Egypt: African Development Bank extends $160 million loan to Banque Misr to strengthen private sector participation in Egypt’s economy

Egypt: African Development Bank extends $160 million loan to Banque Misr to strengthen private sector participation in Egypt’s economy

The Board of Directors of the African Development Bank (http://www.AfDB.org) has approved a loan of $160 million to Banque Misr to finance Egyptian businesses that invest in key sectors of the economy.

The loan comprises a $130 million line of credit from the Bank and an additional $30 million in funds from the Africa Growing Together Fund (AGTF).

The financing will offer Banque Misr long-term liquidity so it can extend loans to small and medium-sized enterprises and corporates operating in industry, information and communications technology and agriculture/agribusiness.

“Our ambition is to unleash the potential of the Egyptian private sector to strengthen its contribution to Egypt’s economy," said Mohamed El Azizi, Director General of the African Development Bank for North Africa. “Our objective is to open new possibilities for them to invest and grow in order to contribute to food security and strengthen the dynamics of industrial transformation and modernization.”

The loan will contribute to increasing the country’s industrial production, strengthening economic competitiveness, generating fiscal revenues and creating employment opportunities, especially for women and young people.

Stefan Nalletamby, Director of the African Development Bank’s Financial Sector Development Department, said, “the private sector is a key driver of economic growth and job creation in Egypt. The loan