The European Investment Bank (EIB) has signed a US$100mn financing agreement with Banque du Caire (BDC) to finance Egyptian small and medium-sized enterprises (SMEs) investments in the manufacturing and services sectors
EIB stated that the new financing is expected to sustain 4 000 jobs in 100 companies.
This new agreement will help to finance the investment projects, including working capital needs, of private sector companies in the productive and services sectors of the Egyptian economy.
The EIB financing is in line with the objectives of the European Union External Lending Mandate and the EU cooperation with Egypt as set out in the new EU Single Support Framework for Egypt for the period 2017-2020, as well as the EU-Egypt Partnership Priorities.
Support to the SME sector will promote the Egyptian economy’s development and competitiveness, and fuel increased productivity and job creation. By increasing access to finance for SMEs, this project is also aligned with the Egyptian government’s priorities for improving access to finance and financial inclusion.
This is the second financing agreement signed between the EIB and Banque du Caire.
