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Tuesday, 1 November 2022

QNB Al Ahli could be getting USD 20 mn in EBRD funding to lend to youth-led SMEs

EBRD money for youth-led SMEs: Qatar National Bank Al Ahli (QNB Al Ahli) could be getting a senior unsecured loan of up to USD 20 mn from the European Reconstruction and Development Bank (EBRD) for on-lending to youth-led MSMEs, according to the lender’s website.

What’s a senior loan, you ask? A senior bank loan is money lent to a business by a financial institution which is then repackaged and sold to other investors. Senior loans are usually the first to be repaid to creditors in the event of bankruptcy.

And who’s eligible? MSMEs that are majority owned by people under 35 years old will be able to apply for funding under the scheme. “The project is expected to increase the pool of financing available to young individuals in Egypt and to help this group of borrowers build their skill-set and develop their businesses, thereby promoting youth entrepreneurship and youth’s participation in business through an integrated approach,” the lender said.

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