Banque du Caire gets USD 100 mn EBRD loan for SMEs + trade finance
Egyptian MSMEs will have access to USD 50 mn worth of financing through Banque du Caire, which is getting a USD 100 mn loan from the European Bank for Reconstruction and Development (EBRD) to support the Egyptian economy, the bank said in a press release (pdf). USD 50 mn of the package is earmarked for on-lending to private sector small businesses which the EBRD says “remain an underserved segment of the real economy.”
The other half of the facility is earmarked for trade finance under the EBRD’s Trade Facilitation Program, which aims to boost foreign trade between EBRD countries by underwriting international trade transactions made by banks. The loan will help BdC meet demand for import and export transactions, including issuing bank assurance and providing monetary advances to bankroll private sector companies’ pre-export and post-import trade-related loans, the statement said.