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The European Bank for Reconstruction and Development (EBRD) is extending an unfunded portfolio risk-sharing facility for up to €25 million to the Commercial International Bank (CIB) to promote on-lending to small and medium-sized enterprises (SMEs) in Egypt.
The EBRD facility will help cover up to 50 percent of the credit risk on as much as €50 million in financing for Egyptian SMEs originated by CIB. The new facility will increase access to on-lending resources for SMEs, an underserved segment of the Egyptian economy, and address issues related to the limited availability of long-term financing and risk-sharing products.
The project benefits from a guarantee provided by the European Union (EU) under its European Fund for Sustainable Development Plus (EFSD+) to support the Egyptian SME sector – a financial tool that mitigates the financial risks associated with lending to small businesses, aiming to foster economic growth in the country.
CIB is a leading private-sector bank in Egypt, offering a broad range of financial products and services to its customers, which include more than 800 of Egypt’s largest companies, enterprises of all sizes, institutions and households. CIB is a valuable partner to the EBRD because of its country-wide banking franchise and its role in the development of the banking landscape in Egypt.
Francis Malige, EBRD Managing Director, Financial Institutions, said: “We are very pleased to sign this new guarantee agreement with CIB, supported by our key partner the European Union. We are committed to supporting the growth and sustainability of private businesses by enhancing access to finance for SMEs, which are vital to the country’s economic growth. Through innovative financial tools, we aim to engage with businesses from underserved areas in the country to empower the private sector in driving the development and resilience of the Egyptian economy.”
Amr El-Ganainy, Deputy Chief Executive Officer and Executive Board Member of CIB, said “Our partnership with the EBRD marks a pivotal moment in our commitment to empowering SMEs. By expanding access to finance, we are enabling businesses to innovate, grow and contribute to Egypt’s economic prosperity. We are excited to support the next generation of entrepreneurs and contribute to a thriving entrepreneurial ecosystem. This strategic alliance with the EBRD is a catalyst for economic growth in Egypt and we are proud to be at the forefront of this initiative and to contribute to a more prosperous future for Egypt.”
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