The European Investment Bank (EIB) signed on Sunday a €500 million ($550.7 million) loan agreement with Banque Misr to provide funding to small and medium-sized businesses in Egypt.
The deal is in line with Banque Misr’s strategy to diversify its funding channels to be used in financing SMEs, the Egyptian bank said in a statement.
The three-year loan is expected to contribute to boosting Banque Misr’s foreign exchange sources.
This deal is the second of its kind signed between the two banks in support of SMEs.
Banque Misr’s chairman Mohamed Eletreby signed the deal with Flavia Palanza, Director of Northern Africa and Middle East in the EIB, in the presence of key officials in the two banks.
Chairman of Banque Misr Mohamed Eletreby and Flavia Palanza, Director of Northern Africa and Middle East in the European Investment Bank (EIB), in the presence of key officials in the two banks at Banque Misr’s headquarters in Cairo on Sunday, 24 November, 2019.
