The European Bank for Reconstruction and Development (EBRD) is providing an initial loan of $119.5 million to the National Bank of Egypt (NBE) to back micro, small-, and medium-sized enterprises (MSMEs), EBRD announced on its website.

The loan marks the first provided to a financial institution in Egypt with an A/B structure, and is poised to support businesses owned or led by women or youth.

This first part of the loan falls within a larger financing program that is expected to be implemented in several stages and includes a B loan from the Netherlands-based asset manager ILX Fund.

Since the beginning of its operation in Egypt back in 2012, EBRD has invested over €11.9 billion in 178 projects, with 81% of these investments injected into the private sector.

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