The European Bank for Reconstruction and Development (EBRD) will provide a financing package worth US$50 million to Banque du Caire, expanding the scope of support for small, medium and micro enterprises in Egypt.
This package contributes to increasing access to financing for small, medium and micro enterprises and expanding their reach to new clients.
Banque du Caire is scheduled to allocate $10 million of the loan to women-owned or women-managed projects, to reduce the financing gap and enhance competitiveness.
The loan from the Businesswomen Support Program will also be supplemented by a package of technical support programs funded by the European Bank to develop the administrative and marketing capabilities of ita beneficiaries.
Technical support also includes providing advisory services to Banque du Caire to help meet the needs of the small, medium and micro enterprise sector and women-led projects and better facilitating their access to financing.
The agreement was signed at the bank’s headquarters in the presence of the EBRD’s First Vice President Jürgen Rigterink, and Chairman of the Board of Directors and CEO of Banque du Caire, Tarek Fayed.
Fayed said that the bank is interested in supporting entrepreneurs and micro-enterprises, especially female entrepreneurs, to empower women economically in line with the state’s vision and directions and to achieve financial inclusion.
He pointed out that the bank has a pioneering role in microcredit and has contributed to providing about 1.3 million job opportunities and sustainable production projects that serve various segments, especially for youth and women breadwinners.
Rigterink said: “We are pleased to provide more support to small, medium and micro enterprises, a major segment of the Egyptian economy, in addition to enhancing inclusion by encouraging lending to companies run by women.”
