EBE secures $5mln fund from EBRD for women-led SMEs

The program also saw CI Capital’s microfinance arm Reefy receive funds

  
An employee counts U.S dollar bills at a money exchange office in central Cairo, Egypt, March 20, 2019. Image used for illustrative purpose

An employee counts U.S dollar bills at a money exchange office in central Cairo, Egypt, March 20, 2019. Image used for illustrative purpose

REUTERS/Mohamed Abd El Ghany

ArabFinance: The Export Development Bank of Egypt (EBE) has secured a $5 million loan from the European Bank for Reconstruction and Development (EBRD) to on-lend to women-run small and medium-sized enterprises (SMEs) in Egypt, according to a statement by the EBRD.

The loan will support EBE's lending activities and expand access to finance for underserved women-led SMEs. It aims expand access to funding for female entrepreneurs and increase women’s participation in the economy.

The loan comes under the EBRD’s Women in Business program which provides both financial and technical assistance. The program also saw CI Capital’s microfinance arm Reefy receive EGP 80 million in development finance last month. The Reefy initiative aims to address the financing gap for women in rural areas.

The WiB loan offers a combination of longer-term financing than what is available in the market and technical expertise into a package that promotes financing for women-led SMEs in Egypt.

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