African Development Bank (AFDB) has approved a loan of $160 million to Banque Misr to finance Egyptian corporates and SMEs. The loan comprises a $130 million line of credit from the Bank and an additional $30 million in funds from the Africa Growing Together Fund (AGTF).
“Our ambition is to unleash the potential of the Egyptian private sector to strengthen its contribution to Egypt’s economy. Our objective is to open new possibilities for them to invest and grow in order to contribute to food security and strengthen the dynamics of industrial transformation and modernization,” Mohamed El Azizi, Director General of the African Development Bank for North Africa, said.
The financing will offer Banque Misr liquidity to extend loans to small and medium-sized enterprises and corporates operating in these sectors: industry, information and communications technology, and agriculture/agribusiness.
The AFDB recently approved financing Egypt’s Food Security and Economic Resilience Support Program through a $271 million loan.
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