Country Manager for Egypt at the European Bank for Reconstruction and Development (EBRD) Philip ter Woort said that the bank is committed to providing $ 260m in direct debt or equity financing to Egyptian SMEs.
ter Woort told Daily News Egypt that the bank will soon announce the first projects to receive direct financing in 2016.
ter Woort added that EBRD works closely with the National Bank of Egypt (NBE), Qatar National Bank (QNB), National Bank of Kuwait (NBK) and Bank Audi, relying on their branch networks to make the funding available to SMEs all across Egypt.
“In addition to these SME loans, EBRD has, jointly with the NBE, developed two innovative new credit lines to be on-lend via the NBE to SMEs,” said ter Woort. “A $ 20m loan focussed on women-led businesses and the second, a $ 30m loan to energy efficiency investments in SMEs.”
EBRD has provided direct technical support to approximately 300 SMEs to the enterprises in their strategy, marketing, management information systems, and human resources. There are 50 women-led enterprises among these 300.
Commenting on the SME initiative recently announced by the CBE and its newly issued regulations, ter Woort said that it reflects the recognition that the SME sector is crucial for the sustainable development of Egypt’s economy and for the development of the private sector.