The European Investment Bank (EIB) has approved a €750 million ($881.8 million) facility for Banque Misr to on-lend to SMEs impacted by the coronavirus pandemic to finance working capital, according to the European bank’s website.
The facility has been in the pipeline since mid-August.
The EIB signed off in July on a combined €1.9 billion in financing for Egypt, which included €800 million for “covid-19 related business investment” and another €1.1 billion for public transport infrastructure.
Similarly, the European Bank for Reconstruction and Development (EBRD) has recently extended at least €100 million in credit facilities for SME on-lending to each of Banque Misr, the Commercial International Bank (CIB), the National Bank of Egypt, QNB, and the National Bank of Kuwait.
