Cairo – Mubasher: Banque Misr signed a letter of intent to provide a $30 million financing line dedicated to financing private sector projects and backing small and medium enterprises (SMEs) in Egypt.
The agreement was penned with the Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank (IsDB) group, according to a press release.
Hani Salem Sonbol, Acting CEO of ICD, said: “This new financing line builds upon our successful 2017 partnership with Banque Misr, where we provided a line of finance of $25 million for a period of five years.”
“The current agreement aligns with our goals in Egypt by increasing access to finance for SMEs, fostering job creation, and empowering youth and women entrepreneurs in Egypt,” Sonbol added.
On his part, Mohamed EL-Etreby, Chairman of Banque Misr, highlighted that the deal aligns with the lender’s strategy to support projects of all categories.
Banque Misr aims to meet the needs of customers in this sector, improve economic indicators, increase rates of economic development, encourage local products, and reduce the import bill.
Since its inception, ICD has granted the Arab Republic $315 million in financing to boost the private sector and foster direct investments.
These funds contributed to economic growth, job creation, and development across various sectors, including energy, food, and industry.
