EBRD's funding to Banque Misr reflects new strategy of int'l participation: Min

CAIRO – 12 August 2020: The European Bank for Reconstruction and Development’s (EBRD) funding to Banque Misr comes in line with the new strategy of international participation, which is based on 3 main axes: the citizen is the focus of attention and ongoing projects, and the goal is the driving force, in order to highlight the development partnership in order to achieve sustainable development, which is a priority at the level of all sectors, Minister of International Cooperation Rania Al-Mashat said.

Al-Mashat pointed to the importance of the partnership with the EBRD in supporting development efforts in Egypt at the governmental and private levels, by providing funding for priority projects, noting that this comes within the framework of the joint coordination cooperation platform between the bilateral multilateral development partners, launched by the Ministry last April.

The platform aims to strengthen the frameworks for dialogue and cooperation between the government and development partners, and has held several workshops with the participation of relevant ministries and officials of international institutions to shed light on development efforts in various sectors and determine financing priorities during the coming period, according to the minister.

For his part, the EBRD said that the financing comes within the framework of its strategy to combat the economic impact of the Coronavirus crisis through the Rapid Response Program to assist emerging economies, and the bank's endeavor to meet the short-term financing needs of partner institutions, explaining that the bank is ready to provide support of €21 billion during 2020 and 2021 to support the 38 emerging markets in which it is present.

EBRD announced Wednesday supporting the real economy in Egypt with a $ 200 million financing package to Banque Misr for trade and for on-lending to small and medium-sized enterprises (SMEs) and private businesses – a key segment of the local economy -  impacted by the coronavirus pandemic.

It clarified that under this facility, the EBRD will provide a $ 100 million loan to enable Banque Misr to provide short-term financing to private SMEs and corporates facing liquidity strains due to a decrease in their activities and turnover caused by Covid-19.

EBRD supports private businesses in Egypt with $200M

CAIRO - 12 August 2020: The European Bank for Reconstruction and Development (EBRD) announced Wednesday supporting the real economy in Egypt with a $ 200 million financing package to Banque Misr for trade and for on-lending to small and medium-sized enterprises (SMEs) and private businesses - a key segment of the local economy - impacted by the coronavirus pandemic.

Earlier,  EBRD announced its approval of lending each of the National Bank of Kuwait - Egypt and the Commercial International Bank at a value of $100 million each. It also announced its approval to provide $200 million to the National Bank of Egypt.

Egypt has been a contributing member of the European Bank for Reconstruction and Development since its establishment in 1991, and the bank began investing in Egypt since 2012, and has provided financing amounting to more than 7 billion euros in 120 projects in the country since that date.