CAIRO - 23 August 2023: The European Bank for Reconstruction and Development (EBRD) supports young Egyptian entrepreneurs by granting a $6 million loan to Reefy Microfinance Enterprise Services, the loan is granted under their youth in business program (YiB).
EBRD’s Youth in Business Program (YiB) is dedicated to supporting privately owned microenterprises or young entrepreneurs under the age of 35. The program is mainly directed at supporting driven youth outside Cairo and Alexandria.
In addition, the program aims to provide capacity building, advisory sessions, and financial support, and upscale the business skills and mindset of young entrepreneurs through non-financial services as well.
EBRD released a statement stressing the importance of supporting young Egyptian entrepreneurs for boosting the Egyptian economy; “Supporting micro, small and medium-sized enterprises (MSMEs) led or owned by young entrepreneurs is essential to help the Egyptian economy absorb the financially underserved but ever-growing number of young people joining the labour market and open up their economic opportunities.”
Businesses under the program will also receive grants from the European Union (EU), worth approximately 10 percent of the total sub-loan.
Reefy is a privately established microfinance institution founded in Egypt in 2007, and was licensed in 2015. While EBRD has been operating since 2012, and has invested more than €10.3 in 164 projects ever since.
EBRD first loaned Reefy back in 2021, which was directed to support Women in Business, and this is the fourth loan directed to Egypt’s YiB program.
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