EBRD Considers $35 Million Loan to Arab Investment Bank to Support MsmesSource: www.export-egypt.com 12/13/2023, Location: Africa |
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The European Bank for Reconstruction and Development (EBRD) is considering providing two loans totaling $35 million to the Egypt-based Arab Investment Bank (aiBank), according to statements by the EBRD.
The potential loans aim to bolster aiBank's efforts in supporting households and micro, small, and medium-sized enterprises (MSMEs) that operate across the residential, agribusiness, industrial, commercial, and service sectors. The primary loan under consideration is valued at $25 million and would be granted by the EBRD in collaboration with the Green Climate Fund (GCF), which would contribute $3.75 million towards the financing. This loan is specifically intended to assist local private MSMEs, households, and companies in implementing climate and energy efficiency initiatives. Additionally, the EBRD is reviewing the possibility of approving a separate loan of $10 million to aiBank, which would be designated for on-lending to MSMEs operating in the agribusiness sector. AiBank, with approximately $1.9 billion in total assets, is primarily owned by EFG Hermes Holding Company by 51 percent, an investment banking firm listed on the EGX, with the Sovereign Fund of Egypt owning 25 percent, and the National Investment Bank owning 24 percent. The EBRD has been actively supporting Egypt's financial sector, approving in November a $150 million loan to the Egypt-listed Commercial International Bank (CIB) to cushion against economic risks. Furthermore, the EBRD previously announced its plan to provide a $50 million loan to United Metals Company (UMC), a subsidiary of Elsewedy Electric, to facilitate the import of raw materials and meet the company's working capital requirements. Additionally, the EBRD is considering granting a €165 million loan to Egypt to modernize the electrical grid and reduce pollution. In July, Egypt's Ministry of International Cooperation revealed that the EBRD had extended $532.5 million in soft development financing to two state-owned banks and an equity fund to support the growth and development of small and medium-sized enterprises (SMEs). In March, the EBRD announced its plan to invest over $1.4 billion in Egypt, the highest investment the bank has ever made in the country, to seize the available investment opportunities. Since commencing operations in Egypt, the EBRD has financed 170 projects, with a cumulative investment of more than €11 billion to date. Notably, 57 percent of these projects have been dedicated to supporting the private sector. |
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