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EBRD offers $25m loan to back SMEs in Egypt
The European Bank for Reconstruction and Development (EBRD) is supporting the small and medium-sized enterprise (SME) sector in Egypt with a loan of up to $25 million (€23.2 million) to the Export Development Bank of Egypt (EBank).
This is the second financing facility the EBRD has provided to EBank for the benefit of SMEs and private enterprises in Egypt.
The new financing will focus on Egyptian exporting SMEs, helping EBank to expand its services to new small business clients locally and regionally. It will also help to increase the availability of financing and foster the competitiveness of Egyptian SMEs and financial institutions by enabling innovation in strategy, products, processes and marketing related to private-enterprise lending.
The facility will be complemented by a technical cooperation package funded by the EBRD’s southern and eastern Mediterranean (SEMED) multi-donor account, which is geared towards SME sub-borrowers specialised in the exporting of goods. The technical cooperation aligns with EBank’s strategy and will assist in developing a comprehensive value proposition that is market driven and guided by analysis of the varied needs of exporters. This includes tailored lending facilities that address exporters’ financing needs, both pre and post shipping. Ebank also provides cutting-edge business connectivity solutions, consulting services for first-time exporters and fast-track trade-finance operations.
This facility reflects the pivotal role Ebank plays in supporting the SME sector in Egypt.
Through the EBRD’s Advice for Small Businesses programme, Ebank will provide training sessions and seminars to its SME clients and access to various knowledge channels tailored towards small exporters who lack the financial knowledge of the applicable rules and regulations specific to exporting goods and services.
The new financing channels to SMEs, with a focus on small exporters in Egypt, will play an important role in supporting the country’s economy, increase the influx of much-needed foreign currency and further encourage investment.
The agreement was signed in the presence of Ebank’s Chairman, Ahmed Mohamed Galal; Deputy Chairman, Mohamed Abul Soud; Group Head of International Banking, Ahmed El Kady; and Head of Financial Institutions, Hossam Shehab El Din; and the EBRD’s Vice President for Policy and Partnerships, Mark Bowman; Director of Financial Institutions for the SEMED region, Mike Taylor; Director for the EBRD’s office in Egypt, Khalid Hamza; and Head of Financial Institutions for Egypt, Hashem Abdel Hakim.
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