Banque du Caire inks $100mln deal with EIB to finance SMEs

This deal will cover financing the investments of Egyptian small and medium enterprises (SMEs) in the manufacturing and services sectors.

  
Image used for illustrative purpose. An employee counts money at a bank in Cairo February 20, 2011.

Image used for illustrative purpose. An employee counts money at a bank in Cairo February 20, 2011.

REUTERS/Suhaib Salem
The European Investment Bank (EIB) has signed a financing agreement worth $100 million (EGP 1.58 billion) with Banque du Caire (BDC), the EIB announced on May 12th.

This deal will cover financing the investments of Egyptian small and medium enterprises (SMEs) in the manufacturing and services sectors.

With the goal of improving the SMEs’ competitiveness, the new financing is expected to sustain 4,000 job opportunities in 100 companies.

The EIB highlighted that support for the SME sector will promote the development and competitiveness of Egypt’s economy while generating more productivity and job creation.

This is the second financing agreement signed between the EIB and Banque du Caire. The first deal was signed on April 5th for EUR 91.39 million (EGP 1.55 billion) worth of credit line financing for SMEs.

This new financing assistance brings the EIB’s total support for the private sector in Egypt to EUR 2.7 billion (EGP 46.13 billion) since 2015.

*At press time, the conversion rate is $1= EGP 15.79; EUR 1 = EGP 17.09

Copyright © 2020 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.