EBRD grants Banque du Caire $50mln loan to support MSMEs

The loan will assist the Egyptian bank in developing its MSME lending activities

  
A branch of Banque Du Caire is pictured at the Upper Egypt city of Aswan, Egypt February 21, 2020.

A branch of Banque Du Caire is pictured at the Upper Egypt city of Aswan, Egypt February 21, 2020.

REUTERS/Amr Abdallah Dalsh

The European Bank for Reconstruction and Development (EBRD) has granted Banque du Caire a senior loan of up to $50m for on-lending to micro, small, and medium-sized enterprises (MSMEs) in Egypt.

The loan will assist the Egyptian bank in developing its MSME lending activities, and expand access to finance for underserved MSMEs.

The EBRD said that the loan will increase the availability of finance to private MSMEs, and as a result allow greater access to finance for this largely underserved segment.

Additionally, the loan will help in the provision of scarce medium-term financing directed at an underserved segment of the real economy, the EBRD added.

Banque du Caire is the sixth largest bank in Egypt, with total assets worth a total of $11.5bn as of June 2020. The bank operates the third largest branch network in Egypt. Banque du Caire is ultimately owned by Banque Misr, the second largest bank in the country.

© 2020 Daily News Egypt. 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.

More From Financial Services