EBRD approves $100mln solidarity loan to Egypt’s Banque Misr

EBRD approves $100mln solidarity loan to Egypt’s Banque Misr

The European Bank for Reconstruction and Development (EBRD) has approved the provision of a $100m senior unsecured loan to Banque Misr, under its Resilience Framework.The EBRD developed the framework as a means of addressing the impacts of the novel coronavirus (COVID-19) pandemic on regional economies. The bank said that the proceeds of the proposed loan will be on-lent to local private small- and medium-sized enterprises (SMEs) and to corporates. The finance is designed to provide businesses of varying sizes with the support to bridge their liquidity needs that may arise as a result of the pandemic.The financing will help Banque Misr in providing funding to local SMEs and corporates experiencing a decrease in their activity, turnover, or profitability. This decrease in financial earnings may, in turn, lead to payment delays