The European Bank for Reconstruction and Development (EBRD) is extending a $100m loan to Egypt’s Banque Misr for on-lending to local micro, small and medium-sized enterprises (MSMEs).
The loan will help to fund the expansion of Banque Misr’s activities outside of the Greater Cairo region and increase the availability of medium-term funding for Egyptian MSMEs, which remain underserved.
Banque Misr was established in 1920 and is the second-largest bank in Egypt. It has been a partner of the EBRD since 2017, when it signed its first small business loan, followed by a trade finance facility in 2018, a $200m financing package for trade and on-lending to SMEs in 2020 and a $100m loan for green financing in 2022.
Egypt is a founding member of the EBRD. Since the start of its operations there in 2012, the EBRD has invested more than €10.3bn in 164 projects across the country.