As the Coronvairus continues to affect businesses around the world, the European Bank for Reconstructions and Development (EBRD) is providing a financing package worth USD 200 million to support Egypt’s SMEs and trade demands.
To help Egypt’s economy pull through the COVID-19 crisis, the European Bank for Reconstruction and Development (EBRD) is providing a USD 200 million financing package to Banque Misr.
The financing package includes a USD 100 million for the bank to provide short-term financing to private businesses (specifically, Small and Medium Enterprises) dealing with the financial strains of the Coronavirus crisis. The remaining USD 100 million will be used by Banque Misr – under EBRD’s Trade Facilitation Programme (TFP) - to support the escalating demand for both import and export transactions.
This falls under the EBRD’s Coronavirus Solidarity Package, which was set up to provide private businesses with short-term financing through EBRD partner banks.