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Sunday, 21 June 2020

EBRD to provide CIB with USD 100 mn to support SMEs impacted by covid-19

DEBT WATCH- EBRD to provide CIB with USD 100 mn to support SMEs impacted by covid-19: The European Bank for Reconstruction and Development (EBRD) will provide the Commercial International Bank (CIB) with a USD 100 mn loan for on-lending to shore up the liquidity positions of SMEs and corporations through the covid-19 pandemic, a statement said on Thursday. The EBRD has recently issued equivalent loans to the National Bank of Egypt and to the National Bank of Kuwait Egypt for onlending to the private sector.

In related news, the EBRD is also providing a loan to TPay Mobile to acquire Payguru, without disclosing the loan’s amount, it said separately. The Egypt-founded, UAE-domiciled fintech firm announced the acquisition of the Turkish payment platform last week. TPay CEO Sahar Salama was our guest on Making It, our podcast on how founders and CEOs are building great businesses here in Egypt.

*** Read last week’s interview with the EBRD’s Heike Harmgart, who told us that the development bank is keen on supporting regional fintech startups through its Star Venture program.

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