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EBRD provides 7 Egyptian banks $225m - Daily News Egypt

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EBRD provides 7 Egyptian banks $225m

Funding is reallocated for SMEs, women, green projects, and foreign trade

The European Bank for Reconstruction and Development (EBRD) has provided seven Egyptian banks with $225m to be reallocated to fund small and medium enterprises (SMEs), women, green projects and foreign trade.

EBRD has also provided the Commercial International Bank (CIB) – Egypt with a supporting loan worth $100m.

EBRD signed an agreement with Banque Misr worth $75m. Mohamed El Etreby, the chairperson of that bank, said the agreement aims to finance SMEs, noting that the bank has a plan to sign another agreement with EBRD, worth $50m, before the end of this year.

EBRD also provided Qatar National Bank (QNB) with a loan worth $20m to support women in the field of small projects.

This loan is considered the first to be provided within the framework of the women’s program recently launched by EBRD in Egypt.

EBRD signed an agreement with EG Bank worth $20m. According to Nedal El Asr, the CEO of EG Bank, this agreement aims to finance foreign trade operations.

EBRD signed another agreement with the Arab African International Bank (AAIB), worth $30m. Hassan Abdallah, AAIB’s CEO, said that this agreement also aims to finance SMEs.

Within the same context, EBRD signed an agreement with Alex Bank to support renewable energy, for $30m.

CEO of Alex Bank, Dante Campioni, said that the agreement is in line with the bank’s strategy to support eco-friendly industrial investments through the provision of innovative financing solutions and the necessary training to implement projects in this vital field, as well as expand it, especially in terms of renewable energy projects that eventually help limit energy consumption from traditional sources.

EBRD signed another agreement with Emirates NBD – Egypt to offer trade facilitations worth $40m within the framework of the trade facilitation program of the bank.

This program, launched in 1999, aims to enhance foreign trade from and to the countries which EBRD works in, including Egypt.

The program includes more than 1,000 partner banks in 28 countries the bank invests in, worth a total of €15bn, and includes more than 800 banks across the world.

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