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

The European Bank for Reconstruction and Development (EBRD) has set 31 May as the approval date for a $100 million loan program to Banque Misr, under the Financial Intermediaries Framework ("FIF"), to finance micro, small, and medium enterprises (MSMEs).

The program "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," stated the EBRD website. 

It also "aims to ensure prudent lending practices and adequate portfolio quality," according to the website.

Banque Misr is 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, according to the EBRD.  

In March, the EBRD’s Vice President for Banking Alain Pilloux told Ahram Online that the bank is projected to invest over $1.4 billion in Egypt.