Egypt: Businesswomen Get EBRD Support
National Bank of Egypt (NBE,) largest commercial bank in the North African country, has launched “Women in Business (WIB)” program aimed at strengthening the role of women entrepreneurs in the Egyptian economy
This initiative has gained the full support of the European Bank for Reconstruction and Development (EBRD) which helps NBE to provide a comprehensive package of financial and technical support for Egyptian women who are either starting up or expanding their companies.
This collaboration builds on works done earlier by the two banks in supporting women entrepreneurs in Egypt. In 2014, the EBRD provided a credit line of US $ 20 million to NBE for on-lending to women-run businesses.
Under the program, EBRD will provide financial and technical supports, including tailored advice and training funded by the EU Neighborhood Investment Facility, the SEMED Multi-Donor Account and the SEMED Cooperation Funds Account. This will increase the know-how and networking opportunities for women entrepreneurs.
The EBRD has invested in excess of €1 billion in Egypt through 27 projects (including regional) since the start of its activities in the country at the end of 2012.
The Bank’s investments include the financial sector, agribusiness, manufacturing and services as well as infrastructure projects such as power, municipal water and wastewater and contributions to upgrade transport services.