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The European Investment Bank (EIB) has agreed to loan Egypt’s Banque Misr a $500 million package to fund small and medium-sized enterprises (SMEs), the Egyptian bank’s deputy chairman Akef El-Maghraby told Al-Ahram Arabic news website on Saturday.
El-Maghraby said that the package will greatly contribute to funding for SMEs given its low interest rate and long intervals for debt repayment.
According to EIB, a total €890 million were slated for Egypt in 2016 under the EIB’s commitment to support the economic and social development of Mediterranean partner countries.
Source: Ahram Online
