EBRD provides over $530 mln to Egyptian state banks, equity fund

A $400 million loan was given to the National Bank of Egypt (NBE) to aid small- and medium-sized enterprises (SMEs) in Egypt and regional companies managed or owned by young entrepreneurs.

The funding is intended to promote economic development, financial inclusion, and secure financing for the private sector in Egypt.

Banque Misr was granted a $100 million loan by the EBRD to support SMEs, sustainable and universal development, and financing in areas with limited banking services.

The equity fund Mediterrania Capital IV received a $32.5 million loan from the European bank to assist in directing $385.7 to middle-size companies in Egypt, Tunisia, and Morocco's healthcare, retail, and manufacturing sectors.

Egypt's Minister of International Cooperation, Rania Al-Mashat, emphasized the significance of private sector investment in supporting the country's economic growth. Her comments highlighted the close collaboration between Egypt and the EBRD.