EBRD to approve new $100 mln loan for Banque Misr to finance MSMEs

The European Bank for Reconstruction and Development (EBRD) is set to approve by end of May a $100 million loan program to Banque Misr, under the Financial Intermediaries Framework (“FIF”), to finance micro, small, and medium enterprises (MSMEs).

The program, according to the EBRD website, will support BM’s lending to private MSMEs in Egypt, where the gaps in access to finance are high, with a focus on regional outreach and attracting new MSME clients.

It also “aims to ensure prudent lending practices and adequate portfolio quality”, the website added. Banque Misr ranked the second-largest bank in Egypt by the end of September 2022, with a market share of 18.2 percent, 17.6 percent and 20.1 percent in terms of assets, loans, and deposits, respectively.

EBRD is planning to invest over $1.4 billion in Egypt, , Ahram Online reports.