EBRD approves $100 million loan to Banque Misr

14 Sep 2022

According to a European Bank for Reconstruction and Development (EBRD) September 2022 press release, the EBRD has approved a $100 million loan to Banque Misr. The loan will be used for on-lending to local small and medium-sized enterprises (SMEs) in underserved areas of Egypt, that focus on the development of technologies and services for climate change mitigation and adaptation.

Promoting Green Development

“The EBRD is committed to promoting green investments in the economies where it invests and greening the financial system. This new partnership with Banque Misr builds on our successful cooperation and is in line with our country’s strategy to promote a green, competitive and inclusive economy,” said Heike Harmgart, EBRD Managing Director for SEMED.

The main investment objective of this funding will be the development of renewable energy:

“Conceding with Egypt’s preparation to host COP 27, our partnership with EBRD is no coincidence, it is the incarnation of our belief that Green Finance and SMEs funds are instrumental to more inclusive and sustainable economic growth in Egypt and community wellbeing. We extended our partnership with the EBRD to channel liquidity to SMEs, promote the adoption of renewable energy, and accelerate the adaptation of technologies on energy and resource efficiencies across a wide range of sectors,” said Mohamed El-Etreby, Banque Misr Chairman.

At ABiQ, we provide validated data and trusted business intelligence covering Africa and the Middle East. We use our unique forecasting and project tracking tool to track projects worth over $6 Trillion in UAE, Saudi Arabia, and 54 countries across Africa so that you can stay ahead of your competitors and grow your business. Contact us today to book a free demo now or register to get free access to a light version of our platform. 

Still have questions?

Our team is ready to help.

Get access to trusted and valuable data to inform your business decisions and open opportunities for growth.