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
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