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Thursday, 7 July 2022

SMEs get a little help from the EIB

EIB and Banque Misr to increase support for SMEs + covid-hit sectors: The European Investment Bank (EIB) and Banque Misr have launched two new technical assistance programs to increase support for SMEs and sectors hit by covid-19, the lender said in a statement yesterday.

About the programs: The SME-targeted program will help Banque Misr increase financing for SMEs through strengthening SME credit risk management and adoption of best financing practices. The second initiative — part of the EU’s Trade and Competitiveness Program — will allow Banque Misr to “identify bankable sustainable private sector investment projects and develop new financial products targeted for SMEs,” which will help the bank support companies that were hardest hit by the pandemic.

What they said: “The EIB is committed to supporting private sector investment in cooperation with leading local financial partners … This builds on the success of EUR 1.75 bn of EIB backed credit lines managed by Banque Misr agreed over the last five years,” EIB VP Gelsomina Vigliotti said. This came during Vigliotti’s four-day visit to Egypt, during which she discussed the bank’s support for Egypt’s climate goals and food and energy security with senior government officials.

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