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Development bank backs Egyptian entrepreneurs

EBRD Egypt Pexels/Monstera
The EBRD funds will be used to help privately owned micro-enterprises led or owned by entrepreneurs under 35

The European Bank for Reconstruction and Development (EBRD) has provided EGP200 million ($6.47 million) to Reefy Micro-Finance Enterprise Services (Reefy), the first Egyptian licensed microfinance institution, to support young entrepreneurs.

The loan is provided under the EBRD’s Youth in Business (YiB) programme.

It will be used to help privately owned micro-enterprises led or owned by entrepreneurs under 35, with a special focus on borrowers located outside of Cairo and Alexandria.

Eligible businesses will receive incentive grants from the European Union of up to 10 percent of the total sub-loan amount.

The YiB programme will also offer capacity-building and advisory services to help Reefy better understand and serve the financial needs of young entrepreneurs.

EBRD provided a loan of EGP80 million to Reefy to support women entrepreneurs in 2021.

Egypt is a founding member of the EBRD. Since the start of its operations, the bank has invested more than €10.3 billion in 164 projects.

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