The credit line aims to help Banque du Caire develop its on-lending to private micro, small, and medium-sized enterprises in Egypt
By Staff Writer, Arab Finance
ArabFinance: The European Bank for Reconstruction and Development (EBRD) is expected to provide Banque du Caire (BQDC) with a senior loan of up to $50 million (EGP 783.09 million) for small businesses, according to an October 29thstatement.
The credit line aims to help Banque du Caire develop its on-lending to private micro, small, and medium-sized enterprises in Egypt, the EBRD noted.
The loan’s approval is forecast to be granted on December 2nd, according to the European lender.
EBRD has been working on “strengthening the financial sector through different tools,” Heike Harmgart, EBRD managing director for the Southern and Eastern Mediterranean region, earlier told ArabFinance.
*At press time, the conversion rate is $1 = EGP 15.66
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