The European Bank of Reconstruction and Development (EBRD) has extended $75m (£57m; €63m) in credit to Egyptian SMEs.

The funding, which will be managed through Egyptian bank Banque Misr, will target regions including the country’s two main productivity centres, Cairo and Alexandria.

To improve its SME lending operations, Banque Misr will receive a technical assistance package of unspecified size.

Suma Chakrabarti, EBRD president, said: “We are very pleased to partner with Banque Misr, a key strategic player in helping to develop the SME sector in Egypt. Small businesses are the backbone of the economy and increasing the availability of finance for this sector will contribute towards making the country’s economy more competitive and resilient.”

Mohamed El Etreby, chairman of Banque Misr, added: “The cooperation between Banque Misr and the EBRD will support our strong objective to sustain the development of Egyptian SMEs, providing them with the financial resources to expand their businesses. Developing SME’s is key for the country as it provides much-needed job opportunities and contributes to the country’s overall economic growth.”

Egypt is a founding member of the EBRD. Since 2012, the country has received €3bn (£2.68bn) in EBRD funding across 66 projects, on top of technical assistance for 600 SMEs.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.