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Egyptian bank to support MSMEs with $260m loan

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.

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