Banque Misr secures $234 mln loan from IFC to support Egypt’s MSMEs

The programme aims to create jobs, boost economic growth, and reduce the gender financing gap by offering loans to women-owned MSMEs, which will receive half of the value of the IFC’s finance, according to a press release published by the IFC on Sunday.

The loan marks the IFC's first gender-focused investment in a public sector bank in Egypt.

The funding is comprised of $190.7 million from the IFC and $43.3 million from the IFC's Managed Co-Lending Portfolio Programme One Planet. It will also benefit from concessional funding through the IFC's Global SME Finance Facility.

Banque Misr will use the capital to grow its portfolio of women-led SME clients and provide them with advisory services and mentorship through its ZAAT programme.

Over the past year, the bank introduced financial services to more than 55,000 women entrepreneurs through this initiative.

"Our partnership with the IFC will help more women-led businesses access our SME banking services across Egypt," said Banque Misr Chairman Mohamed El-Etreby.