EIB, Banque Misr team up to further support SMEs

06 / 07 / 2022

By Marwa Nassar - -

The European Investment Bank (EIB) and Banque Misr formally agreed to strengthen cooperation to further support for SME lending and increase financing for companies in sectors most impacted by the COVID 19 pandemic.

The two new technical assistance programs were launched in Cairo earlier today by EIB Vice President Gelsomina Vigliotti and Banque Misr Vice Chairman Akef El Maghraby at Banque Misr’s headquarters.

“Banque Misr and the European Investment Bank are supporting transformational private sector investment by Egyptian companies across the country. It is an honor to welcome Vice President Vigliotti and the EIB team to Banque Misr headquarters. The two new technical assistance programs agreed today will enable even stronger support for business investment and enable smaller companies to growth, create jobs and harness new business opportunities.” said Banque Misr Vice Chairman Akef El Maghraby .

“The European Investment Bank is committed to supporting private sector investment in cooperation with leading local financial partners. The two new financial sector best practice agreements confirmed today will allow Banque Misr to increase financing for smaller businesses and enhance targeted financing for sustainable investment and sectors most impacted by COVID-19. This builds on the success of EUR 1.75 billion of EIB backed credit lines managed by Banque Misr agreed over the last five years.” said Gelsomina Vigliotti, Vice President of the European Investment Bank.

The first technical assistance program will further strengthen credit risk management and adoption of SME financing best practice to enable Banque Misr to increase financing for smaller companies.

The second initiative will enable Banque Misr to better identify bankable sustainable private sector investment projects and develop new financial products targeted for SMEs. This will enhance support for sectors most impacted by the COVID-19 pandemic and is part of the EU Trade and Competitiveness Program.

It is worth noting that on the side line of this agreement, a visit was conducted to one of the small enterprises clients who benefited from the financing, during the visit, the extent of clients’ benefits from the financing scheme and its positive impact on the project expansion was reviewed.

BM is always keen to enter into cooperation protocols to enhance financing of the projects of different sizes, this comes from BM leading role in supporting the Egyptian Economy and achieving sustainable development.