Cairo – Mubasher: Banque du Caire is set to receive a financing package of $50 million (EUR 46 million) from the European Bank for Reconstruction and Development (EBRD), according to a press release.
The EGX-listed lender will use the investment to support the micro, small, and medium-sized enterprises (MSMEs) in the Arab Republic.
Furthermore, a total of $10 million will be earmarked for women entrepreneurs to alleviate the financing gap for those enterprises and reinforce their competitiveness.
The credit line will also contribute to boosting access to finance for MSMEs in Egypt and expand its outreach to new clients across the country.
Jürgen Rigterink, the First Vice President of EBRD, said: “We are very pleased to further support MSMEs, a key segment of the Egyptian economy, and foster inclusion by encouraging lending to women-led businesses.”
Tarek Fayed, Chairman and CEO of Banque du Caire, commented: “The EBRD financing will support projects in regions outside the capital city, capitalizing on BDC’s geographical presence, especially in Upper Egypt, which accounts for about 55% of BDC’s microfinance customer base, of which women and youth comprise 35% and 40%, respectively.”
Since Banque du Caire began operating in Egypt in 2012, the EBRD has invested more than EUR 11 billion over 174 projects across the country.
In the January-September 2023 period, Banque du Caire logged net profits after tax valued at EGP 4.54 billion, an annual hike from EGP 2.89 billion.
