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Egyptian banks to support local SMEs with $120m funding

Worker at an oil shale power plant. The white paper calls on the UAE and UK to help oil and gas workers transfer their skills to renewable industries Reuters/Ints Kalnins
The Saudi-based multilateral organisation will provide financing to private sector companies and infrastructure projects

Saudi-based Islamic Corporation for the Development of the Private Sector (ICD), an affiliate of the Islamic Development Bank, is planning to provide financing worth $120 million to local Egyptian banks, including Banque Misr and the National Bank of Egypt (NBE), Egypt Today newspaper reported.

Funds will help small and medium enterprises (SMEs) and provide integrated trade solutions in Egypt through various programs with its international partners, such as the Arab-African Trade Bridges Program, to support exporters and link companies with trade relations and partnerships with African countries.

The second phase of the Aid for Trade Initiative for the Arab States (AfTIAS 2.0 Program) will aim to enhance Egypt’s role with the Arab countries in global value chains, refine skills of youth and women in entrepreneurship, and develop SMEs in the vital sectors of the country’s foreign trade.

The ICD’s business program includes expanding the scope of financing line facilities in the medium term to take in financial institutions, with a target amount of $80 million to support private sector companies in Egypt.

The multilateral organisation will provide financing to private sector companies and infrastructure projects, with a total targeted value of $40 million, the report said.