EBRD to provide $50mln financing to Banque du Caire for MSMEs in Egypt

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The European Bank for Reconstruction and Development (EBRD) will provide a financing package worth $50 million to Banque du Caire (BDC) to empower micro, small, and medium enterprises (MSMEs) in Egypt, as per a press release.

A sum of $10 million of the financing will be directed toward women entrepreneurs.

This funding will assist in financing further amounts to MSMEs in Egypt and reach a wide base of clients as well as alleviate the financing gap for women-led MSMEs and foster their competitiveness.

“The EBRD is delighted to sign this facility with BdC, reinforcing our strong and strategic partnership. We are very pleased to further support MSMEs, a key segment of the Egyptian economy, as well as foster inclusion by encouraging lending to women-led businesses,” EBRD First Vice President Jürgen Rigterink commented.

“The EBRD financing will support projects in regions outside of the capital city, capitalizing on BdC’s geographical presence, especially in Upper Egypt, which accounts for about 55% of BdC’s microfinance customer base, of which women and youth also comprise 35% and 40% respectively of our microfinance customer base,” Banque du Caire’s Chairman Tarek Fayed said.