The European Investment Bank (EIB) signed a €500 million (about $550 million) loan deal with the Egyptian public bank Banque Misr to strengthen support to SMEs operating in the country.

During the first half this year, Banque Misr provided about EGP24 billion in aid for micro and small entrepreneurs; the support was only EGP11 billion the same period last year (+118%). The Egyptian bank says 20% of its loan portfolio goes to Egyptian SMEs.

Let’s note that this year, the European financial institution has planned to invest more than €1 billion to support priority infrastructure projects, as well as small and medium-sized enterprises in Egypt. EIB claims to have already committed €350 million between January and November in the public sector and €380 million to support private sector micro-enterprises.

Chamberline Moko