The newly signed facility also aims at boosting the MSMEs' ability to lead Egypt’s economic growth through the improvement of access to finance for MSMEs.
The facility, which focuses on supporting Women-owned MSMEs in Egypt, falls in line with the government’s efforts in expanding the financing of MSMEs towards reducing unemployment, advancing the national economy and mitigating the negative impact of COVID-19.
“This project will also be regarded as the First Project under the (Sustainable Finance Framework), which was newly established between JICA and SMBC in order to facilitate Environmental, Social and Governance (ESG) finance and contribute to achieve Sustainable Development Goals (SDGs) through partnership, in line with international principles of social financing,” the bank said.
JICA has an on-going portfolio of cooperation with the Government of Egypt of almost $3 billion as Government-to-Government cooperation.
Banque Misr is the second largest bank in Egypt with a clear focus on MSME lending and a large retail presence across Egypt.