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EBRD extends $ 100m loan to Banque Misr to back SMEs
The European Bank for Reconstruction and Development (EBRD) announced approval to extend a $ 100 million loan to Banque Misr under the bank’s Resilience Framework (RF) developed to address the impact of the COVID-19 pandemic on regional economies
The senior unsecured loan will be on-lent to local private small and medium-sized enterprises (SMEs), and to corporates, supporting them in bridging liquidity needs that may arise as a result of the pandemic, according to EBRD.
The financing will help Banque Misr in providing funding to local SMEs and corporates experiencing either a decrease in their activity, turnover, and/or profitability, in turn leading to payment delays and potential defaults, or growing capacity needs arising from a significant fluctuation in demand in particular sectors.
The transition impact of the project will stem from its contribution to the continued functioning of the Egyptian economy by helping private SMEs and corporates address challenges resulting from the current crisis. The project will also help Banque Misr maintain its competitiveness in the market.
EBRD provided $ 300 m loans to NBE, CIB in June:
In June, EBRD allocated $ 300 million loans the National Bank of Egypt (NBE) and the Commercial International Bank (CIB) for supporting the Egyptian economy in the aftermath of the coronavirus crisis.
EBRD earmarked a $ 200 million financing package to National Bank of Egypt (NBE) for trade and for on-lending to local companies impacted by the coronavirus pandemic.
Under this facility, EBRD provided a $ 100 million loan to help NBE provide short-term loans to private small and medium-sized enterprises (SMEs) and firms facing liquidity strains due to a decrease in their activities and turnover caused by the crisis.
EBRD has allocated a $ 100 million loan to the CIB, a longstanding partner bank of the EBRD.
The financing is part of the EBRD’s response to help mitigate the impact of the coronavirus pandemic through its partner banks.
This credit line will help CIB provide short-term loans to private small and medium-sized enterprises and corporations facing liquidity strains due to a decrease in their activities and turnover caused by the crisis.
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