The International Finance Corporation (IFC) announced on Tuesday a $50m financing package for Suez Canal Bank (SCB) to expand lending to micro, small, and medium-sized enterprises (MSMEs) across Egypt. The partnership aims to stimulate job creation, economic growth, and women’s entrepreneurship, while strengthening Egypt’s financial sector.
Under the agreement, 25% of the loan will be allocated specifically to women-owned businesses, which represent roughly 20% of Egypt’s MSME sector yet continue to face significant barriers in accessing credit. The broader financing will focus on underserved and vulnerable regions, helping expand access to finance for businesses that are critical to inclusive development.
MSMEs account for over one-third of Egypt’s GDP and employ nearly 40% of the country’s workforce, but they remain constrained by limited financing options that restrict their growth and economic potential.
Beyond financing, the IFC will also assist SCB in developing and implementing an Environmental and Social Management System (ESMS) aligned with international standards, reinforcing the Bank’s commitment to sustainable and responsible banking practices.
The partnership agreement was signed on the sidelines of the Africa Financial Summit (AFIS), in the presence of Akef El Maghraby, CEO and Managing Director of Suez Canal Bank; Shehab Zidan, Deputy Managing Director; and Mahmoud Shehab El Din, Head of Financial Institutions, along with an IFC delegation.
“This agreement represents a significant step in the bank’s journey toward green transformation,” said Akef El Maghraby, CEO and Managing Director of SCB. “Adherence to modern environmental standards is no longer optional but a pressing necessity for all institutions operating in the Egyptian and regional markets.”
