Al Baraka Bank Egypt has signed a $50 million Murabaha finance agreement with the International Finance Corporation (IFC), according to a disclosure on December 4th.
The sum will be used to finance small- and medium-sized enterprises (SMEs) in Egypt.
In an emailed press release from IFC, the international financial institution pointed out that at least 25% of the loan would be directed to women-owned SMEs.
"By supporting women-owned small businesses, we are not only empowering entrepreneurs and their families, but we are also investing in the future of Egypt's economy,” Cheick-Oumar Sylla, IFC’s Regional Director for North Africa and the Horn of Africa commented.
The financing has a tenor of one year, and is subject to renewable for additional two years.
“This program is in line with Al Baraka Bank Egypt’s board direction to develop and implement environmental and social management systems (ESMS) through Sharia-compliant financing solutions,” Hazem Hegazy, Al Baraka Bank Egypt’s Chief Executive Officer and Vice Chairman, said.
“We are proud to partner with IFC for the second time this year, following the signing of the Global Trade Finance Program to support Al Baraka Bank Egypt’s customers export trade finance business,” Hegazy added.
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