EBRD to up its funding for SMEs: The European Bank for Reconstruction and Development (EBRD) will provide Banque du Caire (BDC) with USD 50 mn to increase support for Egypt’s micro, small and medium-sized enterprises (MSMEs), the EBRD said in a statement.

Up to USD 10 mn will go towards women entrepreneurs as part of the EBRD’s Women in Business (WiB) programme, which works to “provide access to finance through credit lines to local banks dedicated to women-led SMEs,” according to the initiative’s website. The entire USD 50 mn package will also focus on companies operating outside of the capital.

What they said: “The EBRD financing will support projects in regions outside the capital city, capitalising on BDC’s geographical presence, especially in Upper Egypt, which accounts for about 55 per cent of BDC’s microfinance customer base, of which women and youth comprise 35 per cent and 40 percent respectively, ” BDC CEO Tarek Fayed said during the signing of the agreement.

ALSO FROM THE EBRD- The Italian Agency for Development Cooperation is set to provideUSD 2.2 mn to help support the EBRD’s efforts to support SMEs led by women and young people, according to the International Cooperation Ministry.

Tags: