The European Bank for Reconstruction and Development (EBRD) has granted Banque du Caire a senior loan of up to $50m for on-lending to micro, small, and medium-sized enterprises (MSMEs) in Egypt.
The loan will assist the Egyptian bank in developing its MSME lending activities, and expand access to finance for underserved MSMEs.
The EBRD said that the loan will increase the availability of finance to private MSMEs, and as a result allow greater access to finance for this largely underserved segment.
Additionally, the loan will help in the provision of scarce medium-term financing directed at an underserved segment of the real economy, the EBRD added.
Banque du Caire is the sixth largest bank in Egypt, with total assets worth a total of $11.5bn as of June 2020. The bank operates the third largest branch network in Egypt. Banque du Caire is ultimately owned by Banque Misr, the second largest bank in the country.