Skip to content Skip to Search
Skip navigation

Egyptian bank to support MSMEs with $260m loan

By Pramod Kumar
Moody's lowered the rating by one notch for five Egyptian banks, including Banque Misr, which dropped to 'CAA1' from 'B3' Creative Commons/Abdelrhman
Moody's lowered the rating by one notch for five Egyptian banks, including Banque Misr, which dropped to 'CAA1' from 'B3'

Banque Misr, the second largest public bank in Egypt, is set to receive a $260 million loan from the International Finance Corporation (IFC) to support micro, small, and medium-sized enterprises (MSMEs) in the African nation. 

The five-year loan from the IFC, a member of the World Bank Group, is slated for approval at a board meeting of the corporation on June 30.

The proceeds will be channelled towards expanding the bank’s loans to small and medium enterprises and very small enterprises, including those owned by women, IFC said in a statement published on its website.

The senior loan consists of $216.7 million from IFC’s own account and $43.3 million from IFC acting as an implementing entity for the managed co-lending portfolio programme (MCPP). 

The MCPP is IFC’s syndications platform for institutional investors and has raised over $11 billion from 11 partners since its inception in 2013.

The IFC has invested nearly $1.5 billion in projects and $32 million in advisory programmes across Egypt.

Latest articles

Jacksonville Port in Florida. A new container service connecting the port to Jeddha could improve Saudi exports

Florida port service could increase Saudi non-oil exports

Saudi Arabia’s exports are set to improve following the introduction of a new container service that will link Jeddah with Florida. Non-oil exports rose 4.4 percent year on year in February while production cuts led oil exports to slip to 77 percent of the total, the government said. Jacksonville Port Authority (Jaxport) in Florida said […]

An Emirates Boeing 777-300R. The Morocco facility will convert passenger planes to cargo

Boeing plane conversion facility to be built in Casablanca

A production facility is to be set up in Morocco to convert Boeing 777-300ER passenger jets into freighters. Stratos Industries will build three wide-body aircraft hangars at the Mohammed V International Airport in Casablanca as part of a deal between US-based companies Kansas Modification Center (KMC) and Integrated Aerospace Alliance (IAA). KMC will convert up […]

Art NFTs Video length: 04:13

Dubai art dealer uses NFTs for fractional art ownership

A Dubai tech startup is introducing tokenisation to the art world, after the NFT bubble burst spectacularly. 10101.art aims to make investing in art accessible to all by selling digitised fragments of works by artists including Andy Warhol, Banksy and Picasso, allowing for collective ownership of a masterpiece for as little as $100 a fragment. […]

Rain falling on paved surfaces such as roads has nowhere to go, but retrofitting roads to allow rainwater harvesting could help, some experts say

Rain harvesting could help Dubai offset a stormy future

If last week’s floods made improving drainage a necessity for Dubai, the reward might come in the form of more natural water resources, provided the emirate can boost rain harvesting efforts, industry observers tell AGBI. “The main idea for countries, especially in drier areas, is to try to reuse water as much as possible,” says […]