In a press release, the European Investment Bank said, the credit line is expected to fund the new investment projects as well as the requirements of capitals working in production and service sectors. The move aims at protecting the economic growth and creating job opportunities to alleviate the economic and social negative consequences of the COVID-19 pandemic, according to the press release.

Director of the European Investment Bank Neighboring Countries Flavia Palanza said, the bank is proud to work with Banque Misr and hailed the partnership’s effect on the lives of people in Egypt, it said.

While Head of the European Union (EU) Delegation to Egypt Christian Berger hailed the deal between the European Investment Bank and Banque Misr that will have a real effect on medium and small-sized companies as well as the lives of people all over Egypt, it added.