EGYPT – The European Investment Bank (EIB) and Banque Misr have partnered to enhance cooperation to further strengthen support for SME lending and increase financing for companies in Egypt.
The first technical assistance programme will further strengthen credit risk management and the adoption of SME financing best practice to enable Banque Misr to increase financing for smaller companies.
The second initiative will enable Banque Misr to better identify bankable sustainable private sector investment projects and develop new financial products targeted for small and medium enterprises.
This will enhance support for the sectors most impacted by the COVID-19 pandemic and is part of the EU Trade and Competitiveness Programme.
“Banque Misr and the European Investment Bank are supporting transformational private sector investment by Egyptian companies across the country. It is an honour to welcome Vice-President Vigliotti and the EIB team to Banque Misr’s headquarters,” Akef El Maghraby, Vice-Chairman, Banque Misr said.
“The two new technical assistance programmes agreed today will enable even stronger support for business investment and help smaller companies to grow, create jobs and harness new business opportunities.”
On the sidelines of this agreement, a visit was conducted to one of the small enterprise clients who benefited from the financing, reviewing the extent of clients’ benefits from the financing scheme and its positive impact on the project’s expansion.
“The European Investment Bank is committed to supporting private sector investment in cooperation with leading local financial partners,” Gelsomina Vigliotti, Vice-President, EIB said.
“The two new financial sector best practice agreements confirmed today will allow Banque Misr to increase financing for smaller businesses and enhance targeted financing for sustainable investment and sectors most impacted by COVID-19.
“This builds on the success of €1.75 billion of EIB-backed credit lines managed by Banque Misr agreed over the last five years.”
Banque Misr is always keen to enter into cooperation agreements to enhance the financing of projects of different sizes, owing to its leading role in supporting the Egyptian economy and achieving sustainable development.
EIB Global is the EIB Group’s new specialised arm dedicated to increasing the impact of international partnerships and development finance.
EIB Global is designed to foster strong, focused partnership within Team Europe, alongside fellow development finance institutions, and civil society.
EIB Global brings the Group closer to local people, companies and institutions through our offices across the world.
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