EBRD Extends €50 Mln Loan to CIB to Support Smes in EgyptSource: www.export-egypt.com 11/20/2024, Location: Africa |
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The European Bank for Reconstruction and Development (EBRD) has extended a 50-million-euro loan to the Commercial International Bank (CIB), a publicly listed Egyptian bank, to promote the growth of small- and medium-sized enterprises (SMEs) in Egypt, according to a statement published on the EBRD website on Tuesday.
This move aims to enhance access to lending resources for SMEs, a historically underserved sector of the Egyptian economy. It will also address challenges related to the limited availability of long-term financing and risk-sharing solutions. The loan will cover up to 50 percent of the credit risk, helping to mitigate the financial risks associated with lending to small businesses and promoting broader economic growth in the country. The European Union (EU) supports this initiative through its European Fund for Sustainable Development Plus (EFSD+) programme, which aims to strengthen Egypt’s SME sector and foster sustainable development. In related news, CIB also secured a $150 million loan from the EBRD in November 2023 to help mitigate economic risks in Egypt. Additionally, Fitch Ratings upgraded CIB’s credit rating from B-/Positive to B/Stable. CIB, founded in 1975, is Egypt's leading private-sector bank.It offers various financial products and services to businesses of all sizes, institutions, households, and high-net-worth individuals. Egypt is a founding member of the EBRD. Since its operations began in 2012, the bank has invested over 12.5 billion euros in 186 projects nationwide. In 2024, the EBRD also extended a $20 million loan to Crédit Agricole Egypt to support small businesses and green investments and a $119.5 million loan to the National Bank of Egypt (NBE) to finance micro-, small-, and medium-sized enterprises (MSMEs). EBRD’s investments cover various sectors, including finance, agribusiness, manufacturing, energy infrastructure projects, municipal water and wastewater services, and transportation. |
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