{"id":608168,"date":"2023-10-16T00:00:00","date_gmt":"2023-10-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/16\/banque-misr-lands-usd-234-mn-from-ifc-for-msme-support\/"},"modified":"2023-10-16T00:00:00","modified_gmt":"2023-10-16T00:00:00","slug":"banque-misr-lands-usd-234-mn-from-ifc-for-msme-support","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/16\/banque-misr-lands-usd-234-mn-from-ifc-for-msme-support\/","title":{"rendered":"Banque Misr lands USD 234 mn from IFC for MSME support"},"content":{"rendered":"

IFC to help finance our MSMEs \u2014 and especially women-led MSMEs: <\/strong>The International Financial Corporation (IFC) will provide state-owned Banque Misr with a USD 234 mn loan for on-lending to privately-owned micro, small, and medium-sized enterprises (MSMEs), with half of the loan earmarked for women-led businesses, the lender said in a statement on its website<\/a>. The loan, which was announced on the sidelines of the World Bank and IMF\u2019s annual meeting in Marrakech, will \u201ccreate new jobs, boost economic growth, and reduce the gender financing gap,\u201d the statement said.<\/p>\n

It\u2019s a bit less than originally expected: <\/strong>The IFC was considering lending Banque Misr USD<\/a>260 mn<\/a>, with the IFC providing USD 216.7 mn and the rest coming from its co-lending program, the lender\u2019s website said in May. At the time the IFC said the loan had a tenor of five years, this was not confirmed in the recent statement.<\/p>\n

The breakdown:<\/strong> The loan is composed of USD 190.7 mn in funds from the IFC and a further USD 43.3 mn from the IFC\u2019s emerging markets mobilization platform MCPP One Planet. The project will also be able to access concessional funding through the IFC\u2019s Global SME Finance Facility.<\/p>\n

Not the first time the IFC and Banque Misr partnered up to support women-led<\/strong> businesses: <\/strong>The IFC supported Banque Misr\u2019s Zaat program for female entrepreneurs launched in 2022<\/a>. However, this new USD 234 mn loan marks the IFC\u2019s \u201cfirst gender-lens investment\u201d in one of our state-owned banks, the statement added.<\/p>\n

Banque Misr saw the EBRD greenlight USD 100 mn for MSMEs in July:<\/strong> The European Bank for Reconstruction and Development (EBRD) announced it would provide a loan of USD 100 mn<\/a> to the bank to be directed to supporting MSMEs in May, with a focus on businesses located in areas with limited access to financial services. <\/p>\n

DATA POINT: <\/strong>TheIFC\u2019s Egypt portfolio now stands at some USD 1.7 bn, backed up with an active advisory portfolio amounting to USD 32 mn.<\/p>\n","protected":false},"excerpt":{"rendered":"

Half of the funds will be directed to female-led MSMEs<\/p>\n","protected":false},"author":1,"featured_media":608169,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7576],"tags":[576,7106,101,72,759],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-608168","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development-finance","tag-banque-misr","tag-debt","tag-development-finance","tag-enterpriseam","tag-international-finance-corporation","wpautop","entry"],"acf":{"mongo_id":"475bae28-03b7-410c-b041-c48442c4aff0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/764.jpeg","photo_position":"above","homepage_title":"","full_issue_title":"IFC loans Banque Misr USD 234 mn to support small, female-owned businesses in Egypt","related_issue":[608159],"teaser":"Half of the funds will be directed to female-led MSMEs","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.832470f0-e565-4469-aace-3255bc6b5730.mp3"},"yoast_head":"\nBanque Misr lands USD 234 mn from IFC for MSME support - 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The loan will improve access to finance for small firms, especially those\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":585672,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/27\/more-ebrd-finance-in-the-works-for-banque-misr\/","url_meta":{"origin":608168,"position":2},"title":"More EBRD finance in the works for Banque Misr","author":"enterpriseam admin","date":"27 April 2023","format":false,"excerpt":"The finance would be on-lent to Egyptian MSMEs","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/904.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":589836,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/10\/bank-secures-usd-250-mn-in-finance-from-ifc\/","url_meta":{"origin":608168,"position":3},"title":"Bank secures USD 250 mn in finance from IFC","author":"enterpriseam admin","date":"10 July 2023","format":false,"excerpt":"The lender will also help the bank on climate risk mitigation","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1533.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593884,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/13\/karmsolar-signs-egp-230-mn-loan-agreement-with-banque-misr\/","url_meta":{"origin":608168,"position":4},"title":"KarmSolar signs EGP 230 mn loan agreement with Banque Misr","author":"enterpriseam admin","date":"13 October 2019","format":false,"excerpt":"KarmSolar has signed a EGP 230 mn loan agreement with Banque Misr to build 24 MW solar power plants, CEO Ahmed Zahran told the local press. Zahran did not say how many plants the company will establish with the money. KarmSolar is also in talks with five local and international\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":590080,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/13\/ebrd-has-more-than-usd-530-mn-for-egypt-with-banks-getting-the-lions-share\/","url_meta":{"origin":608168,"position":5},"title":"EBRD has more than USD 530 mn for Egypt, with banks getting the lion\u2019s share","author":"enterpriseam admin","date":"13 July 2023","format":false,"excerpt":"NBE, Banque Misr, and Mediterrania Capital Partners will receive financing from the European lender","rel":"","context":"In "Development finance"","block_context":{"text":"Development finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/development-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/471.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/608168","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=608168"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/608168\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/608159"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/608169"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=608168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=608168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=608168"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=608168"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=608168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}