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Sunday, 16 August 2020

EIB could extend EUR 750 mn in covid finance to Banque Misr for SME lending

The European Investment Bank (EIB) could provide Banque Misr with as much as EUR 750 mn for on-lending to SMEs, according to the bank’s website. The loans would be provided to SMEs impacted by the covid-19 pandemic to finance working capital. The EIB signed off in July on a combined EUR 1.9 bn in financing for Egypt, which included EUR 800 mn for “covid-19 related business investment” and another EUR 1.1 bn for public transport infrastructure development across the country. The European Bank for Reconstruction and Development extended last week a USD 100 mn facility to the state-owned bank for on-lending to SMEs.

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