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Wednesday, 23 September 2020

EBRD could extend USD 100-200 mn to two Egyptian banks for SME lending

DEBT WATCH- Banks could get another USD 100-200 mn from EBRD to on-lend to SMEs: The European Bank for Reconstruction and Development (EBRD) is in talks with two unnamed local banks to deploy USD 100-200 mn for on-lending to SMEs before the end of the year, associate director and deputy head of the bank’s Egypt unit Khalid Hamza told Al Mal. The loan agreements would be the EBRD’s first with these banks, Hamza said. The EBRD has ramped up its SME financing operations through Egyptian banks since the beginning of the pandemic, which managing director for the SEMED region Heike Harmgart told us was key to channelling liquidity to cash-starved firms. The bank has provided USD 400 mn for SME on-lending since June, handing CIB, the National Bank of Egypt, Banque Misr, and the National Bank of Kuwait USD 100 mn each.

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